RBI extends coverage of Bharat Bill Payment System | Current Affairs, Current Affairs 2019

RBI extends coverage of Bharat Bill Payment System

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The Reserve Bank of India (RBI) has expanded the scope and coverage of Bharat Bill Payment System (BBPS) to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants on voluntary basis.

Currently, BBPS covers bills of five segments – direct to home (DTH), electricity, gas, telecom, and water.

The objective of BBPS is to implement an integrated bill payment system that offers interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment.

Players, including scheduled commercial banks, regional rural banks/ urban co-operative banks / state co-operative banks / district central co-operative banks / payments banks / small finance banks / BBPS providers and system participants, who cater to the requirements of bill payments as well as aggregation of payment services, are part of BBPS.

Courtsey : The Hindu

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