Daily Current Affairs 2021 RBI expands BBPS scope by August-end 2021 | Daily Current Affairs 2021

RBI expands BBPS scope by August-end 2021

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Reserve Bank Of India

The Reserve Bank of India (RBI) recently announced that the scope of Bharat Bill Payment System (BBPS) will be expanded by August 31, 2021.

Highlights:

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.

Background:

  • 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.

About BBPS:

  • 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.

About NCPI:

  • 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.

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