{"id":18345,"date":"2024-07-01T23:51:33","date_gmt":"2024-07-01T18:21:33","guid":{"rendered":"https:\/\/vglobenews.com\/?p=18345"},"modified":"2024-07-01T23:51:33","modified_gmt":"2024-07-01T18:21:33","slug":"rbi-implements-new-bbps-directions-discom-halts-mobile-wallet-payments-for-electricity-bills","status":"publish","type":"post","link":"https:\/\/vglobenews.com\/?p=18345","title":{"rendered":"RBI Implements New BBPS Directions; DISCOM Halts Mobile Wallet Payments for Electricity Bills"},"content":{"rendered":"\n
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RBI Introduces New BBPS Directions; DISCOM to Halt Electricity Bill Payments via Mobile Wallets<\/h3>\n\n\n\n

February 29, 2024<\/strong><\/p>\n\n\n\n

Mumbai\/Hyderabad<\/strong>: The Reserve Bank of India (RBI) has issued new guidelines for the Bharat Bill Payment System (BBPS), set to take effect from April 1, 2024. This regulatory update aims to streamline bill payments, enhance customer protection, and encourage greater participation in the system. Alongside this, significant changes in the payment landscape are also impacting how electricity bills can be paid.<\/p>\n\n\n\n

In a notable development, electricity companies will no longer allow monthly electricity bill payments through mobile wallets such as PhonePe, Google Pay, Paytm, and Amazon Pay. The CMD of Southern Discom announced that this decision follows an RBI directive requiring third-party banks that manage mobile wallets to be registered and associated with the RBI Bill Payment System.<\/p>\n\n\n\n

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Previously, the BBPS operated with a tiered structure, including NPCI Bharat Bill Pay Ltd (NBBL) as the Central Unit (BBPCU), Bharat Bill Payment Operating Units (BBPOUs), and agent networks of the BBPOUs. The updated Bharat Bill Payment Systems Directions, 2024, replace the existing guidelines from 2014 and are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007.<\/p>\n\n\n\n

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Starting June 1, 2024, only registered entities will be permitted to process bill payments through mobile wallets, in a move aimed at improving security and streamlining services. As a result, Southern Discom clarified that electricity bills would no longer be payable through third-party mobile wallets. Instead, consumers are encouraged to use the DISCOM website or download the DISCOM app for online bill payments.<\/p>\n\n\n\n

This regulatory shift underscores RBI’s commitment to enhancing the efficiency and security of the bill payment ecosystem while ensuring a more reliable service for consumers.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

RBI Introduces New BBPS Directions; DISCOM to Halt Electricity Bill Payments via Mobile Wallets February 29, 2024 Mumbai\/Hyderabad: The Reserve Bank of India (RBI) has issued new guidelines for the Bharat Bill Payment System (BBPS), set to take effect from April 1, 2024. This regulatory update aims to streamline bill payments, enhance customer protection, and […]<\/p>\n","protected":false},"author":1,"featured_media":18337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,29],"tags":[1470],"class_list":["post-18345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-telangana","tag-rbi-bbps2024-discom-mobilewalletban-electricitybillpayment-financialregulations-digitalpayments-consumerprotection-paymentsecurity"],"yoast_head":"\nRBI Implements New BBPS Directions; DISCOM Halts Mobile Wallet Payments for Electricity Bills - VGlobe News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vglobenews.com\/?p=18345\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI Implements New BBPS Directions; DISCOM Halts Mobile Wallet Payments for Electricity Bills - VGlobe News\" \/>\n<meta property=\"og:description\" content=\"RBI Introduces New BBPS Directions; DISCOM to Halt Electricity Bill Payments via Mobile Wallets February 29, 2024 Mumbai\/Hyderabad: The Reserve Bank of India (RBI) has issued new guidelines for the Bharat Bill Payment System (BBPS), set to take effect from April 1, 2024. 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