New Delhi, May 7 (KNN) Soon payment of taxes and other dues such as insurance premium, school and university fees and examination fees may be easier and safer through an electronic bill payment system with choice of making payment at any collection point, if recommendations of the RBI committee are implemented.

“The committee has highlighted the need for developing an electronic bill payment system based on a GIRO model for payment of dues of essential services, insurance premia, utility payments, taxes, university fees, examination fees, school fees, etc,” said RBI in a press release.

The proposed system will enable consumers to make payments at any of the collection points.

It will also allow setting up of a centralised infrastructure bringing all the billers and banks to the bill platform through the aggregators.

The committee has also made recommendations on bill data codification and process of settlement, defining roles and responsibilities of stakeholders and suggesting customer redressal mechanism.

The committee was set up under the chairmanship of RBI, Executive Director, G. Padmanabhan to study the feasibility of implementation of GIRO based payment systems in India. (KNN)