The Reserve Bank of India has constituted an advisory group to implement a national bill payment system, so that households will be able to use bank accounts to pay school fees, utilities, medical bills and make remittances electronically.
The terms of reference of the advisory group, which is headed by Umesh Bellur, Professor at IIT Bombay, include suggesting the nature of the organisation to undertake Giro-based bill payments and framing guidelines for setting up and operating the system.
Giro, which means circulation of money in Italian, involves payment transfer from one bank account to another bankaccount. .
The advisory group will recommend the criteria (financial, governance, ownership, technical and operational, among others) for the entity to seek authorisation to set up bill payments system in the country under the Payment & Settlement System Act 2007.
If the group is of the opinion that a new organisation be created on the lines of an entity like the National Payments Corporation of India, then it will have to make recommendations, among others, on the nature of the organisation; membership composition; capital structure and contributions by stakeholders.
The RBI, in a statement, said the Advisory Group would submit its report by end-December 2013.
The terms of reference of the advisory group, which is headed by Umesh Bellur, Professor at IIT Bombay, include suggesting the nature of the organisation to undertake Giro-based bill payments and framing guidelines for setting up and operating the system.
Giro, which means circulation of money in Italian, involves payment transfer from one bank account to another bankaccount. .
The advisory group will recommend the criteria (financial, governance, ownership, technical and operational, among others) for the entity to seek authorisation to set up bill payments system in the country under the Payment & Settlement System Act 2007.
If the group is of the opinion that a new organisation be created on the lines of an entity like the National Payments Corporation of India, then it will have to make recommendations, among others, on the nature of the organisation; membership composition; capital structure and contributions by stakeholders.
The RBI, in a statement, said the Advisory Group would submit its report by end-December 2013.
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