- NPCI has transferred to a newly set up NPCI Bharat BillPay Limited (NBBL) and hived off its automated billing enterprise.
- Banks and cost aggregators have been requested to start accounting billing transactions below NBBL from April 1.
- All leading banks and BBPOUs on the platform, processing month-to-month invoice funds for 1000’s of telecoms, fuel corporations, energy utilities, instructional institutes, and different billers within the nation.
The National Payments Corporation of India (NPCI) has announced that it has transferred all its Bharat Bill Payment System (BBPS) transaction mandates to a newly arrange subsidiary referred to as the NPCI Bharat BillPay Limited (NBBL), successfully hiving off its automated billing enterprise, ET reported.
Banks and Cost aggregators have requested the Bharat Bill Payment Operating Units (BBPOU) to begin accounting their billing transactions below NBBL from April 1.
“As per the directive received by RBI, the Bharat Bill Payment Central Unit (BBPCU) business will be transferred from NPCI to NBBL — a wholly-owned subsidiary of NPCI, with effect from April 1,” mentioned an NPCI mailed word.
The Reserve Bank of India is learned to have directed NPCI to arrange a separate subsidiary to scale the interoperable invoice platform by the way in which of elevated autonomy in operations and onboarding of new billers, in accordance to sources.
All main banks and aggregators comparable to State Bank of India, HDFC Bank, and BillDesk, amongst others, are BBPOUs on the platform, processing month-to-month invoice funds for 1000’s of telecoms, fuel corporations, energy utilities, instructional institutes, and different billers within the nation.
BBPS processed 35 million transactions price Rs 5,196 crore for over 19,000 billers in March 2021, as per information launched by NPCI on Thursday.
Also Read: NPCI To Spin-Off Bharat BillPay Into A Separate Entity
According to the reports, NPCI and RBI are of the view that BBPS has an enormous growth ceiling particularly as a B2C cost platform amongst small companies providing month-to-month options for patrons. “There is a massive potential to scale like the Unified Payments Interface." Moreover, NPCI has its hands full with key channels such as UPI, IMPS, Aadhaar Enabled Payment System, and the National Electronic Toll Collections (FasTag), among others.
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