National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment systems, has received a final nod from the Reserve Bank of India to function as the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment System (BBPS).
• There is a specific direction from RBI to operate the Central Unit as a Strategic Business Unit of NPCI. Nearly 45 crore bills comprising electricity, telecom, DTH, water and gas are permitted under BBPS.
• The total number of Bharat Bill Payment Operating Units (BBPOU) certified by NPCI now stands at 24. The certified units include three public sector banks (Bank of Baroda, Union Bank of India and Indian Overseas Bank), 10 private banks, five cooperative banks and six non-bank biller aggregators.
Points to remember:-
• Founded: 2008
• Headquarters: Mumbai
• Chairman: Balachandran M
• MD&CEO: A. P Hota