BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banks
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Non-Bank entities
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Both Banks and Non-Bank entities
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None of the above
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Detailed explanation-1: -Entities who have received authorisation from Reserve Bank of India to conduct bill payment and aggregation business in BBPS. BBPOU could be a bank or non-bank entity, functioning under BBPCU.
Detailed explanation-2: -Bharat Bill Payment Central Unit (BBPCU) will be a single authorized entity operating the BBPS. The BBPCU will set necessary operational, technical and business standards for the entire system and its participants, and also undertake clearing and settlement activities.
Detailed explanation-3: -Bharat Bill Payments System (BBPS) participants include all authorised entities including the entity that operates BBPS, their agents, banks, service providers, etc.
Detailed explanation-4: -For an entity to become an Agent-Institution under BBPS, the entity will have to submit an “Agent-Institution Consent” Letter to a Consumer BBPOU and shall also adhere to technical standards placed by the NPCI.