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