BANKING AFFAIRS

Detailed explanation-1: -Different payment channels and payment modes: Bharat BillPay transactions can be initiated through multiple payment channels, such as Netbanking, mobile banking, mobile wallets, kiosk, ATM, bank branch, agents and business correspondents.

Detailed explanation-2: -The BBPS system, with its two components – the BBPCU and the BBPOUs – will function as an authorised payment system under the Payment and Settlement Systems Act, 2007.

Detailed explanation-3: -What is the Bharat Bill Payments System? It is an integrated bill payment system or a platform which acts as a connect between various billers and users. The Bharat Bill Payment System offers customers the convenience of payment by cataloguing various utility providers under one platform.

Detailed explanation-4: -It offers bill payment services to customers through network of agents or online, allowing multiple payment modes and provides instant confirmation. It will facilitate a cashless society through migration of bill payments from cash to electronic channel.

Detailed explanation-5: -Bharat Bill Payment System is a Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI) which offers integrated, accessible and interoperable recurring payment services to consumers across geographies with certainty, reliability and safety of transactions.