BANKING GENERAL KNOWLEDGE
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Question
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Central
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Console
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Centralised
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Collection
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Detailed explanation-1: -Key features that are unique to BBPS are highlighted below: Page 8 4 | Page BBPS is a tiered structure with NPCI functioning as the Bharat Bill Payment Central Unit (BBPCU) and entities (banks and non-banks) authorised by the Reserve Bank of India (RBI) functioning as Bharat Bill Payment Operating Units (BBPOUs).
Detailed explanation-2: -BBPOU (bank or non-bank) may choose to integrate either with the customers (COU: Customer OU) or with the billers (Biller OU) or may wish to participate as both – which mean such BBPOU will be integrated with customers as well as billers.
Detailed explanation-3: -National Payments Corporation of India (NPCI) functions as the authorised Bharat Bill Payment Central Unit (BBPCU), which will be responsible for setting business standards, rules and procedures for technical and business requirements for all the participants.
Detailed explanation-4: -Bharat Bill Payment Operating Unit aka BBPOU is the entity that is authorized by Reserve Bank of India.