NPCI to Operate Bharat Bill Payment System (Download PDF)

()

Download PDF of This Page (Size: 339.65 K)

Reserve Bank of India (RBI) allows National Payments Corporation of India (NPCI) to operate as Bharat Bill Payment Central Unit (BBPCU) and operate Bharat Bill Payment System (BBPS). 24 Bharat Bill Payment Operating Units certified- 10 private sector banks, 3 public sector banks (Bank of Baroda, Union Bank of India and Indian Overseas Bank), five cooperative banks, and six non-bank biller aggregators.

NPCI to Operate Bharat Bill Payment System

NPCI to Operate Bharat Bill Payment System

NPCI to Operate Bharat Bill Payment System

About Bharat Bill Payment System (BBPS)

The Bharat Bill Payment System (BBPS) is a RBI mandated system to offer integrated and interoperable bill payment services to customers across geographies with certainty, reliability, and safety of transactions through network of agents or online, allowing multiple payment modes providing instant confirmation.

Under the BBPS framework, customer able to pay several bills such as electricity, telephone, water, gas, and DTH television at a single location—physical or electronic—and receive instant confirmation once the payment is made.

Objectives of BBPS

Image shows the Objectives of BBPS

Image Shows the Objectives of BBPS

Image shows the Objectives of BBPS

  • Facilitate less cash society
  • Offers accessibility, convenience and enhances trust
  • Payments can be made using cash, transfer cheque, and electronic modes
  • “Anytime anywhere” interoperable Bill Payment System
  • Common standards both for ON-US and OFF-US Bills
  • Allows Multiple Payment Modes
  • Instant and Verifiable Confirmation of Payments
  • Standardized complaints management system to handle customer grievances for both ON-US and OFF-US transactions
  • Multiple clearing & guaranteed Settlements between different parties, standardized TAT clearing & settlement
  • Standardization of processes for entire BBPS ecosystem including banks, nonbanks, agents, customers etc.

- Published/Last Modified on: August 21, 2017

Bills

Doorsteptutor material for CLAT GK-Current-Affairs is prepared by worlds top subject experts- fully solved questions with step-by-step exaplanation- practice your way to success.

Developed by: