In order to benefit from diversification of risk as also to encourage innovation and competition, Reserve Bank on 15th October 2019 announced to offer on-tap authorisation for the following entities:
- Bharat Bill Payment Operating Unit (BBPOU).
- Trade Receivables Discounting System (TReDS).
- White Label ATMs (WLAs).
The entities desirous to function / operate / provide platforms for the Bharat Bill Payment Operating Unit (BBPOU); Trade Receivables Discounting System (TReDS); White Label ATMs (WLAs); shall apply to RBI, Mumbai for authorization. For entities desirous to function, operate, or provide platforms for BBPOU and WLA segment should have a Rs.100 crore net worth and should be maintained at all times. In case of TReDS, the minimum paid up equity capital should be Rs 25 crore.
The Bharat Bill Payment System (BBPS) which is an interoperable platform for repetitive bill payments, currently covers five segments — direct-to-home (DTH), electricity, gas, telecom, and water bills.
The KYC requirements for retail payment systems shall be as per the Master Directions on Know Your Customer (KYC) issued by the Department of Banking Regulation (DBR), Reserve Bank of India.