RBI appoints advisory group to establish bill payment system
Updated: Oct 24, 2013 06:38:30pm
New Delhi, Oct 24 (KNN) Individuals and households may soon be able to make on-line payments of all their bills and make remittances electronically.
In this context, the Reserve Bank of India (RBI) has appointed GIRO Advisory Group (GAG) which would frame guidelines and form a structure for the system.
“The Reserve Bank of India has announced the constitution of a GIRO Advisory Group (GAG) to implement a national GIRO-based Indian Bill Payment System such that households will be able to use bank accounts to pay school fees, utilities, medical bills and make remittances electronically,” RBI said in a press release today.
Some of the functions of GAG are to identify organisations who would implement GIRO based bill payments; frame guidelines for setting up and operating the GIRO based bill payments in the country based on presentations/inputs from technology service providers/other institutions; and recommend criteria (financial, governance, ownership, technical, operational, etc.) for the entity to seek authorization for setting up bill payments system in the country under the PSS Act 2007.
However, if the GAG is of the opinion that a new organization be created on the lines of entity like National Payments Corporation of India (NPCI), then it would make recommendations on the nature of the organisation, identify a CEO, location of headquarters, membership composition, capital structure and other details with regard to formation and functioning of the new organisation.
The GAG will comprise Chairman, Indian Institute of Technology, Bombay - Umesh Bellur, Senior General Manager, ICICI Bank - Supritha Shetty, Chief General Manager, Department of Payment & Settlement Systems, Central Office, Reserve Bank of India – Member Secretary - Vijay Chugh, Director, VISA - Sanjay Nazareth, Vice president, MasterCard -Amitabh Tewary, Chief Operating Officer, National Payments Corporation of India - Dilip Asbe, among others. (KNN/ES)
In this context, the Reserve Bank of India (RBI) has appointed GIRO Advisory Group (GAG) which would frame guidelines and form a structure for the system.
“The Reserve Bank of India has announced the constitution of a GIRO Advisory Group (GAG) to implement a national GIRO-based Indian Bill Payment System such that households will be able to use bank accounts to pay school fees, utilities, medical bills and make remittances electronically,” RBI said in a press release today.
Some of the functions of GAG are to identify organisations who would implement GIRO based bill payments; frame guidelines for setting up and operating the GIRO based bill payments in the country based on presentations/inputs from technology service providers/other institutions; and recommend criteria (financial, governance, ownership, technical, operational, etc.) for the entity to seek authorization for setting up bill payments system in the country under the PSS Act 2007.
However, if the GAG is of the opinion that a new organization be created on the lines of entity like National Payments Corporation of India (NPCI), then it would make recommendations on the nature of the organisation, identify a CEO, location of headquarters, membership composition, capital structure and other details with regard to formation and functioning of the new organisation.
The GAG will comprise Chairman, Indian Institute of Technology, Bombay - Umesh Bellur, Senior General Manager, ICICI Bank - Supritha Shetty, Chief General Manager, Department of Payment & Settlement Systems, Central Office, Reserve Bank of India – Member Secretary - Vijay Chugh, Director, VISA - Sanjay Nazareth, Vice president, MasterCard -Amitabh Tewary, Chief Operating Officer, National Payments Corporation of India - Dilip Asbe, among others. (KNN/ES)
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