Paytm Payments Bank received approval from RBI as BBPOU

Paytm Payments Bank received approval from RBI as BBPOU: Our associate Paytm Payments Bank Limited (PPBL) has got the final approval from Reserve Bank of India (RBI) to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007. As an entity under Bharat Bill Payment System (BBPS), our associate bank has got the final authorization to conduct bill payment and aggregation business as a BBPOU. PPBL had been undertaking this activity so far under in-principle authorisation from RBI. 

January 2023 Current Affairs Quiz

Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services for electricity, phone, gas insurance, loan repayments, credit card bill, and municipal taxes. Conceptualised by RBI, BBPS is a one-stop ecosystem driven by NPCI that provides an interoperable and accessible bill payments service including electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes. With Paytm, users can pay for services in a seamless, secure and superfast manner. 

BBPS is owned by the National Payments Corporation of India. So far, Paytm Payments Bank was undertaking this activity under in-principle authorization from RBI.