BANKING AFFAIRS

Detailed explanation-1: -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.

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: -So far, Paytm Payments Bank Ltd (PPBL) has been undertaking this activity under in-principle authorisation from RBI. “PPBL has got the final approval from RBI to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.

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.