The Reserve Bank of India (RBI) recently announced that the scope of Bharat Bill Payment System (BBPS) will be expanded by August 31, 2021.
Scope of BBPS has been expanded by adding ‘mobile prepaid recharges’ as a biller category.
This move aims to help millions of prepaid phone subscribers across India.
- The scope and coverage of BBPS were expanded in September 2019.
- It then included all categories of billers raising recurring bills as eligible participants voluntarily.
- It did not included billers of mobile prepaid recharges.
- Before 2019, facility of payment of recurring bills through BBPS was available only to five sectors viz, direct to home (DTH), gas, electricity, water and telecom.
- BBPS refers to Bharat Bill Payment System.
- BBPS functions under the aegis of the National Payments Corporation of India (NPCI).
- It is an integrated bill payment system offering interoperable bill payment service to customers online and through a network of agents on ground.
- It provides for multiple payment modes and instant confirmation of payment.
- NCPI refers to the National Payment Corporation of India.
- NPCI is an umbrella organization for all retail payments in India.
- It was founded in 2008.
- It has been incorporated as a Not for Profit Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment & Settlement Infrastructure in India.
- It is headquartered in Mumbai, Maharashtra.
- The current MD & CEO is Dilip Asbe.