Public sector lender Indian Overseas Bank has started implementing Bharat Bill Payment System, which is introduced by the National Payments Corporation of India (NPCI).
Bharat Bill Payment System (BBPS) is a unique integrated bill payment service that enables interoperable online bill payments to the users
“BBPS offers several services, namely, online payments of electricity, telecommunication, DTH, water and gas bills,” said the bank.
Apart from Bank of Baroda and Union Bank of India, Indian Overseas Bank is the third public sector bank to have acquired the approval from Reserve Bank of India (RBI) for providing the service.
“The certification with NPCI has been completed and the BBPS system has been implemented for customers and to the billers,” the bank added.
National Payments Corporation of India (NPCI) recently received the final nod from the RBI to operate as the Bharat Bill Payment Central Unit (BBPCU) and functionalise the Bharat Bill Payment System (BBPS).
Reportedly, 8 BBPS operating units received its in-principle approval from RBI on August 31, 2016 and participated in a pilot project.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
.){kind=link}