BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which among the following public sector Banks has offered BBPS, introduced by the National Payments Corporation of India for its customers?

A	Bank of Baroda
B	State Bank of India
C	Central Bank of India
D	Indian Overseas Bank

Explanation:

Detailed explanation-1: -Public sector lender Indian Overseas Bank has started implementing Bharat Bill Payment System, which is introduced by the National Payments Corporation of India (NPCI).

Detailed explanation-2: -The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI).

Detailed explanation-3: -National Payments Corporation of India (NPCI) has been authorized by RBI as the Bharat Bill Payment Central Unit (BBPCU) and is responsible for setting business standards, rules and procedures for technical and business requirements for all participants.

Detailed explanation-4: -Bharat Bill Payment System (BBPS) is a RBI mandated system which offers integrated and interoperable bill payment services to customers across geographies with certainty, reliability and safety of transactions.

Detailed explanation-5: -The National Payments Corporation of India (NPCI) will function as the authorized Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all operating units under the system.

There is 1 question to complete.