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Saturday, 29 July 2017

NPCI receives final nod from RBI to function as Bharat Bill Payment Central Unit


National Payments Corporation of India (NPCI), the umbrella organization for all retail payment systems has received a final nod from the Reserve Bank of India to function as the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment System (BBPS).

On August 31, 2016, 8 BBPS operating units, which received in-principle approval from RBI, took part in the pilot. Almost after a year of running the pilot, streamlining the technology and business processes, NPCI has now received final clearance from RBI. 

Important Takeaways from Above News-
  • A. P. Hota is the MD & CEO of NPCI.
  • The Bharat Bill Payment System (BBPS) is an RBI conceptualized system driven by National Payments Corporation of India (NPCI).
Source- The Hindu Business Line

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