University Grants Commission (UGC) booster for Bharat Bill Payment System (BBPS)
UGC released a Circular on 9th June 2020 advising all universities under its jurisdiction to onboard BBPS for collection of fees under various heads.
The
respective educational institutions can touch base with NPCI officials and
MEITY officials mentioned in the Notification for smooth on-boarding to BBPS.
As educational
institutions take steps to onboard BBPS, the benefits will flow to all the participants
in the chain.
UGC - Brief Genesis:
In 1952,
the Union Government decided that all cases pertaining to the allocation of
grants-in-aid from public funds to the Central Universities and other
Universities and Institutions of higher learning might be referred to the
University Grants Commission.
Consequently,
the University Grants Commission (UGC) was formally inaugurated by late Shri
Maulana Abul Kalam Azad, the then Minister of Education, Natural Resources and
Scientific Research on 28 December 1953.
The UGC,
however, was formally established only in November 1956 as a statutory body of
the Government of India through an Act of Parliament for the coordination,
determination and maintenance of standards of university education in India.
BBPS is
fast becoming the choice for recurring payments of Indians. Biller’s customers
can pay via BBPS ‘Fetch and Pay’ mode or the ‘free’ mode.
Under
‘Fetch and Pay’, a bill must have generated against the customers
identification number on the biller’s platform. The payment is made towards a
particular bill only.
Under
‘free mode’, payment is made towards a customer’s identification number for
further adjustments by the biller’s accounts department.
Either
way, payment via BBPS reduces the recon activity by the biller.
Billers
can choose either ‘Fetch and and Pay’, or ‘Free Mode’, or can choose both too.
It all depends on the biller’s collection’s models.
The main
challenges Educational institutions face in Digital Collections is the need to
tie-up with individual banks or payment aggregators.
However,
under BBPS educational institutions can tie-up only with one platform i.e BBPS
and receive payments via multiple modes both Cash and Digital.
BBPS
eliminates the need to tie up with multiple platforms, multiple recon modes,
multiple queries.
In the
long run, with complete BBPS integration educational institutions can replace
POS machines with BBPS channel.
This
article highlights the benefits of BBPS to educational institutions @ https://www.thehansindia.com/telangana/hyderabad-educational-institutions-brought-under-bharat-bill-pay-system-627912
The complete
UGC notification can be read @
https://www.ugc.ac.in/pdfnews/1086673_digital-payment.pdf
Educational
Institutions typically collect the following types of fees:
01) Admission Fee
02)
Term Fee
03)
Special Fee
04)
Laboratory Fee
05)
Exam Fee
06)
Library Fee
07)
Mess Fee
08)
Etc
A
combination of ‘Fetch and Pay’, and ‘Free Mode’, is best suited to educational fees.
As the model develops,
the Scholarship fees can be integrated with BBPS channel and individual
accounts created for each student in a Government App.
I will explore more
of the above in future posts.
A
real-time dashboard of BBPS transactions in educational institutions is the ultimate
wish. This dashboard will act as a peer pressure for all educational institutions
to move 100% of their fees collections to BBPS.
Colleges
all over from India need to submit information on Digital Transactions
regularly to UGC via a Google Doc @ https://docs.google.com/forms/d/e/1FAIpQLScucdQSkoaA0_1XJGvBbnJc1VTE10xH6eZIRJKc4DR1KN1tIQ/viewform
This data
will be beneficial to UGC to have a bird’s view of Digital Transactions in Higher
Educations Institutions across India and formulate policies to boost Safe
Digital Transactions in colleges.
How Mr Benjamin Lee service grant me a loan!!!
ReplyDeleteHello everyone, I'm Lea Paige Matteo from Zurich Switzerland and want to use this medium to express gratitude to Mr Benjamin service for fulfilling his promise by granting me a loan, I was stuck in a financial situation and needed to refinance and pay my bills as well as start up a Business. I tried seeking for loans from various loan firms both private and corporate organisations but never succeeded and most banks declined my credit request. But as God would have it, I was introduced by a friend named Lisa Rice to this funding service and undergone the due process of obtaining a loan from the company, to my greatest surprise within 5 working days just like my friend Lisa, I was also granted a loan of $216,000.00 So my advise to everyone who desires a loan, "if you must contact any firm with reference to securing a loan online with low interest rate of 1.9% rate and better repayment plans/schedule, please contact this funding service. Besides, he doesn't know that am doing this but due to the joy in me, I'm so happy and wish to let people know more about this great company whom truly give out loans, it is my prayer that GOD should bless them more as they put smiles on peoples faces. You can contact them via email on { lfdsloans@outlook.com} or Text through Whatsapp +1-989 394 3740.
This comment has been removed by the author.
ReplyDeleteReally good post. Thanks for sharing this wonderful informative article.
ReplyDeletePay Postpaid Bills Online
Bajaj Finance EMI Payment
Broadband Postpaid bill pay
Water bill pay
Best electricity bill payment