National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India, has launched a pilot project for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs). In the first phase, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).
BBPS is the Reserve Bank of India (RBI) mandated system which will provide interoperable bill payment services to customers. As on date, 62 entities have received in-principle approval from RBI to function as Operating Units (OU), out of which 52 are banking entities and 10 are non-banking entities. NPCI functions as the authorised Bharat Bill Payment Central Unit (BBPCU). It will undertake clearing and settlement activities related to transactions routed through BBPS.
So let’s do:
1. Expand the term NPCI, BBPOUs and BBPS?
2. _______ launches the pilot project for Bharat Bill Payment System.
Source – The Hindu