RBI extends BBPS deadline by seven months

MUMBAI: The Reserve Bank today extended the last date for companies undertaking billing business under the Bharat Bill Payment System (BBPS) by seven months to December 31, 2017.

"This extension is in view of the difficulties expressed by various entities in meeting the deadline," it added.

The extension applies to those companies wanting to become an agent of an authorised Bharat Bill Payment Operating Unit (BBPOU) or also exit the business of bill payments, it said in a statement.

This will include companies which did not apply for authorisation as a BBPOU or whose application for BBPOU has been returned by RBI and also ones which were granted extension of time by RBI but were not able to achieve and report the required net worth by December 31, 2016, it said.

The RBI may also consider re-opening the process of granting of approvals or authorisation to operate as BBPOUs by inviting fresh applications at a future date depending on the developments, growth and expansion in the scope of BBPS, the apex bank said.

As per the guidelines for implementation of BBPS dated November 28, 2014, banks and non-bank entities presently engaged in the bill payment activities covered under the current scope of BBPS can participate in BBPS either as Bharat Bill Payment Operating Units (BBPOUs) or as an agent of an authorised BBPOU.