News:The Reserve Bank of India has expanded the scope of the Bharat Bill Payment System (BBPS) by adding other categories of recurring payments through the portal.
- BBPS is an interoperable platform for repetitive bill payments.It functions under the aegis of 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.
- Currently, BBPS covers bills of five segments namely (a) Direct to Home (DTH), (b) Electricity, (c) Gas, (d) Telecom and (e) Water.
- The RBI has now decided to expand the scope and coverage of BBPS to include all categories of billers.
- The expansion would increase the user base of Bharat Bill Pay along with providing an efficient, cost-effective alternative to existing systems and enhance consumer confidence and experience.
- National Payments Corporation of India(NPCI) is an umbrella organisation for operating retail payments and settlement systems in India.
- 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.