NEWS & ADVICE : SAVINGS ACCOUNTS
Bank accounts can be used to pay bills
By Vaibhav Aggarwal
Oct 25, 2013
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An advisory group was constituted today by The Reserve Bank, this move was to actualize a national bill installment framework that will empower families to pay utility bills, school expenses, settlements and different bills electronically.

A GIRO is an installment direction which is given from one financial organization to another account by the person paying the bill. It expedites installment through money, prepaid installment cheque, and debit/credit cards instruments in exchange of trusts to the account of a beneficiary.

The terms of reference of Gag incorporate prescribing nature of organization- - either by forming a new entity or an existing one - to convey the GIRO based bill installments and in addition shaping guidelines for setting up and working the framework. Around others it will likewise suggest criteria for the organization to look for authorization for setting up bill installments in the nation regarding fiscal, legislation, possession, specialized, operational viewpoints.

 


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