The Reserve Bank of India (RBI) has granted in-principle approval to Vakrangee Ltd to set up Bharat Bill Payment Operating Unit (BBPOU) to handle payment services related to bills. With in-principle authorisation from RBI, Vakrangee Ltd will set up and operate BBPOU under the Payment and Settlement Systems Act, 2007 and will now be able to directly handle payment and aggregation of payment services relating to bills under the scope of BBPS (Bharat Bill Payment System).
The company offers banking, insurance, money transfer services, e-commerce, e-governance and other digital services on behalf of its partner banks, insurers, government agencies, e-commerce players among others through its branches mostly located in rural and semi-urban areas.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.