RBI expands scope of Bharat Bill Payment System
RBI expands scope of Bharat Bill Payment System https://www.fundstiger.com/rbi-expands-scope-bharat-bill-payment-system/ In a consumer-friendly initiative, the RBI on 16th Sep19 expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. 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. Currently, BBPS covers bills of five segments – direct to home (DTH), electricity, gas, telecom, and water. The objective of BBPS is to implement an integrated bill payment system that offers interoperable and accessible bill payment services to customers through a network of agents, enabling mult...