RBI Expands Scope Of Bharat Bill Payment System
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.
Bharat Bill Payment System (BBPS)
- BBPS is an interoperable platform that enables a customer to pay bills such as telephone, water, gas, direct-to-home (DTH) and electricity at a single location—electronic or physical.
- With the expansion of the scope of the payment facility, other recurring payments such as school fees, municipal taxes, insurance premiums can also be paid via BBPS.
- BBPS payments can be made using cash, cheques as well as through digital methods such as internet banking, debit, credit card, among others.
- Bill aggregators and banks function as operating units and carry out these payment transactions for customers.
