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More competition for Gpay, Paytm soon?  Rbi sharply reduces net worth requirement in Bbps

The Reserve Bank of India, in a bid to encourage greater penetration of bill payments through its Bharat Bill Payment System (BBPS), has proposed to reduce the net worth requirement for such entities from Rs 100 crore to Rs 25 crore.

This will mean that launching a payment app will be easier now and therefore we can expect more competition for players like Paytm, Gpay, Phonepe, etc.
In the monetary policy announcement, RBI Governor Shaktikanta Das said that BBPS, an interoperable platform for bill payments, has seen an increase in the volume of bill payments and billers over the years. years.

“To further facilitate the penetration of bill payments through the BBPS and to encourage the participation of more non-bank Bharat bill payment business units in the BBPS, it is proposed to reduce the net worth requirement of these entities from Rs 100 crore to Rs 25 million.” read the announcement.

The RBI Governor also announced that cardless cash withdrawal using UPI will now be extended and made available at all bank branches and ATMs through UPI to prevent fraudulent transactions. Learn more here.

Das also said that the RBI will review customer service standards in RBI-regulated entities.

“In view of the ongoing transformation due to innovations, products and services and the deepening of digital penetration and the emergence of different service providers, it is proposed to set up a committee to review and revise the current state of customer service across all RBI regulated entities,” he said.

(Edited by : Abhishek Jha)

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