NPCI Gets Approval for Bharat Bill Payment System

IAS Prelims 2023

National Payments Corporation of India (NPCI) has RBI aaproval to function as the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment System (BBPS).

The Bharat Bill Payment System (BBPS) is an RBI conceptualised system driven by National Payments Corporation of India (NPCI). It is a one-stop payment platform for all bills, providing an interoperable and accessible “Anytime Anywhere” bill payment service to customers across the country with certainty, reliability and safety of transactions.

The total number of Bharat Bill Payment Operating Units (BBPOU) certified by NPCI now stands at 24.

The certified units include three public sector banks (Bank of Baroda, Union Bank of India and Indian Overseas Bank), 10 private banks, five cooperative banks and six non-bank biller aggregators.

Currently, 42 large billers in five utility sectors have been on-boarded.

At present the bulk of transactions on BBPS are towards payment of electricity bills. The power sector potentially contributes to about 18 crore bills each month, of which only 10 per cent is digital.