Daily Current Affairs- 31st August 2016
1. NPCI launches Bharat Bill Payment System pilot project.
1. National Payments Corporation of India (NPCI) has launched a pilot project for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs).
2. In the first phase, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).
3. BBPS is the Reserve Bank of India (RBI) mandated system which will provide interoperable bill payment services to customers. It is an integrated platform connecting banks and non-bank entities in bill aggregation business like billers, payment service providers, retail bill outlets etc.
4. As on date, 62 entities have received in-principle approval from RBI to function as Operating Units (OU), out of which 52 are banking entities and 10 are non-banking entities.
5. NPCI functions as the authorised Bharat Bill Payment Central Unit (BBPCU). It will undertake clearing and settlement activities related to transactions routed through BBPS.
