Paytm Payments Bank gets approval to operate as Bharat Bill Payment Operating Entity
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Bharat Bill Payment System (BBPS) allows BBPOUs to pay electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bills and municipal taxes.
New Delhi. Paytm Payments Bank on Monday said it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU). Bharat Bill Payment System (BBPS) allows BBPOUs to pay electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bills and municipal taxes.
BBPS is owned by National Payments Corporation of India. Till now Paytm Payments Bank Limited (PPBL) was providing such services under in-principle approval from RBI. PPBL has received final approval from RBI to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007, the company said in a statement.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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