"The BBPS is an integrated bill payment system offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment," the RBI said in a notification.
The RBI-promoted payment retail gateway and the issuer of the Rupay debit Cards, the National Payment Corporation of India (NPCI) has been appointed as the nodal body.
The apex banks has set a Rs 100-crore networth and domestic registration as qualifying conditions for those seeking to be authorised collection agents.
RBI Governor Raghuram Rajan had first announced the central bank's intention to set up BBPS in the second quarterly monetary policy review last year, after which a committee was constituted to suggest the way forward. Based on the recommendations, it posted the draft guidelines on the same on August 7.
The move will help track all the payments being made in economy, including cash payments to utilities, schools, and telcos among others.
Stressing on the need to have such a system in place, the RBI pointed to a 2013 estimate, which said over 30,800 million bills amounting to Rs 6,22,300 crore are generated each year in the top 20 cities alone.
The final guidelines came a day after the RBI came out with the final guidelines for licensing of payment and small banks.
To start with, the aggregators, who will be operating under a single brand name across the country, will collect repetitive bills which come in monthly, bi-monthly or quarterly cycles like utility bills, it said, adding the aim is to gradually include payments for school or university fees
and municipal taxes.
The National Payment Corporation of India (NPCI) has been appointed as the nodal body which will set the standards, and also take care of clearing and settlement as the Bharat Bill Payment Central Unit (BBPCU).