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RBI appoints GIRO Advisory for new bill payment system

The GIRO Advisory Group would submit its report by end of December 2013.

October 24, 2013 3:27 IST | India Infoline News Service
The Reserve Bank of India today 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.

The terms of reference of the GAG include suggesting the nature of organization to undertake the GIRO based bill payments-either existing organization(s) or formation of new organization.

Framing guidelines for setting up and operating the GIRO based bill payments in the country based on presentations/inputs from technology service providers/other institutions, RBI said in a notification.

Recommending the criteria (financial, governance, ownership, technical, operational, etc.) for the entity to seek authorization for setting up bill payments system in the country, it added.

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 make recommendations on the following aspects:

The GIRO Advisory Group would submit its report by end of December 2013.


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