BANKING AFFAIRS

Detailed explanation-1: -According to the RBI, BBPOUs will be authorised operational entities, adhering to the standards set by the BBPCU (Bharat Bill Payment Central Unit ) for facilitating bill payments online as well as through a network of agents on the ground. ATMs set up, owned, and operated by non-banks are called WLAs.

Detailed explanation-2: -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-3: -The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI).

Detailed explanation-4: -At present, a net worth of Rs 100 crore is required to obtain authorisation for a non-bank BBPOU (Bharat Bill Payment Operating Units).

Detailed explanation-5: -Banks function as operators of a payment system or as participant in a payment system. They are participants in (i) payment systems operated by RBI viz., RTGS and NEFT, (ii) systems operated by CCIL and NPCI, and (iii) in card schemes. The directions are, therefore, applicable to all banks operating in India.