NCPI gets approval to operate Bharat Bill Payment System
DSIJ Intelligence / 28 Jul 2017
National Payments Corporation of India (NPCI) announced that it has received the final approval from Reserve Bank of India (RBI) to function as the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment System (BBPS).
National Payments Corporation of India (NPCI) announced that it has received the final approval from Reserve Bank of India (RBI) to function as the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment System (BBPS).
Under BBPS, around 45 crore bills comprising electricity, telecom, DTH, water and gas are permitted. This initiative will encourage digital payments as it is a big step forward in formalizing the bill payment system in the country.
A total of 24 Bharat Bill Payment Operating Units (BBPOU) have been certified by the NPCI and three public sector banks, 10 private banks, five cooperative banks and six non-bank biller aggregators are included in the certified units.
It is expected to generate 25 billion digital transactions during FY18.
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