Banking News

In-principal approval for BBPOU under Bharat Bill Payment System

The Reserve Bank of India  in its press release today (May 13, 2016) announced that in all the bank has received applications from non-banks and 80 approval requests from banks for operating as a BBPOU. The Central Bank advised that the applications are being processed and ‘In-principle’ approvals to BBPOU are conveyed where the applications meet all the eligibility requirements including existing net worth and requisite billing experience as covered under the present scope of Bharat Bill Payment system.  It is also clarified by RBI that a BBPOU does not include activities in which the applicant is only a front-end of a bill aggregator and does not have the tie- up with billers.


Related article: Salient features of Bharat Bill Payment System -( Category : Knowledge capsule)

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