BHARAT BILL PAYMENT SYSTEM

 

For: Preliminary & Mains

Topics covered:

• About Bharat Bill Payment System

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News Flash

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 is an interoperable platform that enables a customer to pay bills, like, telephone, water, gas, direct-to-home (DTH) and electricity.
• 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.

 

Why has this step taken?

• Digital payments have increased manifold after demonetisation.
• As per data available with the RBI and National Payments Corporation of India (NPCI), the increase in digital payments has been profound in popular channels such as National Electronic Fund Transfer (NEFT) and mobile banking.

 

Source: Livemint

 

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