 "RBI sets up advisory panel for national bill payment system")
The Reserve Bank of India (RBI) has constituted an advisory group to implement a national bill payment system enabling households to pay utility bills, school fees and remittances using their bank accounts.
The nine-member group, headed by Umesh Bellur of the Indian Institute of Technology-Bombay, would give its report by the end of December, RBI said in a statement.
The panel would suggest the nature of the payment platform—either an existing one or through a new entity—for Giro (general inter-bank recurring order)-based bill payments. It would also form guidelines for setting up and operating the system.
RBI said the panel felt a new organisation should be created on the lines of the National Payments Corporation of India. It would also recommend the nature of the organisation—identification of a chief executive, location of the headquarters, membership and capital structure, as well as contributions by stakeholders.
The nine-member group, headed by Umesh Bellur of the Indian Institute of Technology-Bombay, would give its report by the end of December, RBI said in a statement.
The panel would suggest the nature of the payment platform—either an existing one or through a new entity—for Giro (general inter-bank recurring order)-based bill payments. It would also form guidelines for setting up and operating the system.
More From This Section
A Giro is a payment instruction from one bank account to another. It facilitates payments through cash, cheques, credit/debit cards and prepaid payment instruments, transferring funds to the bank accounts of beneficiaries. The panel would also recommend criteria to seek authorisation for bill payments. These criteria would relate to financial, governance, ownership, technical and operational aspects.
RBI said the panel felt a new organisation should be created on the lines of the National Payments Corporation of India. It would also recommend the nature of the organisation—identification of a chief executive, location of the headquarters, membership and capital structure, as well as contributions by stakeholders.