12th July 2024 (9 Topics)

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Bharat Bill Payment System

Context

In order to centralize and streamline the bill payment process across India, the Reserve Bank of India (RBI) has mandated that all banks process credit card bill payments through the Bharat Bill Payment System (BBPS).

What is Bharat Bill Payment System?

Developed by: National Payments Corporation of India (NPCI)
The Bharat Bill Payment System (BBPS) is a unified platform to streamline and centralize the process of paying bills across India.
BBPS facilitates bill payments through a wide network that includes bank branches, online portals, mobile apps, and other digital channels.
This system is designed to make bill payments convenient and efficient for both businesses and customers by offering various payment methods and ensuring prompt settlements.
Significance:
- Unified Platform for All Payments
- Convenient and User-Friendly
- Timely Reminders
- Enhanced Security
- Multiple Payment Modes

Fact Box: National Payments Corporation of India (NPCI)

It is an umbrella organisation for operating retail payments and settlement systems in India
NPCI 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.
It is a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
Important introduction: RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH), Aadhaar Payment Bridge (APB) System, Aadhaar enabled Payment System (AePS), National Financial Switch (NFS), Unified Payments Interface (UPI), National Electronic Toll Collection (NETC)

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Bharat Bill Payment System

What is Bharat Bill Payment System?

Fact Box: National Payments Corporation of India (NPCI)

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