Bharat Bill Payment System
Recently, the Reserve Bank of India (RBI) decided to expand the scope of the Bharat Bill Payment System (BBPS).
Need
- BBPS currently does not enable non-recurring payments or collection requirements of individuals even if they are recurring in nature.
- Consequently, some categories of payments/collections remain outside the ambit of the BBPS — professional service fee payments, education fees, tax payments, rent collections, etc.
- Therefore, RBI decided to expand the scope of BBPS.
Impact
- Transparency and Uniformity: This will make the platform accessible to a wider set of individuals and businesses that can benefit from the transparent and uniform payments experience, faster ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Already a Member? Login here
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Economy Watch
- 1 Undercapitalization of Indian Debt Market
- 2 Mutual Credit Guarantee Scheme for MSMEs
- 3 National Critical Minerals Mission
- 4 Diamond Imprest Authorization Scheme
- 5 Team Initiative:Boosting Digital Commerce for MSMEs
- 6 New Agri-initiatives Announced in Budget 2025-26
- 7 National Manufacturing Mission
- 8 Financialisation of the Economy
- 9 Bharat Cleantech Manufacturing Platform
- 10 Logistics Ease Across Different States (LEADS) 2024 Report
