Paytm Payments Bank, a digital banking service in India, on Monday (January 16, 2023) received green signal from the Reserve Bank of India (RBI) to operate as a Bharat Bill Payment Operating Unit (BBPOU).
With the approval, the Paytm Payments Bank has now been authorised to conduct bill payment and aggregate business as a BBPOU, reported PTI.
BBPOU is allowed to provide bill payment services of electricity, phone, DTH, loan repayments, FASTag recharge, water, gas insurance, education fees, credit card bill and municipal taxes, under the Bharat Bill Payment System.
Bharat Bill Payment System (BBPS) is possessed by the National Corporation of India.
PPBL has been undertaking this activity under in-principal authorisation from RBI, said PTI report.
In an official statement, PPBL said that it has got the final approval from RBI to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.
“As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorization to conduct bill payment and aggregation business as a BBPOU”, the digital banking service provider added.
Under RBI’s guidance, PPBL will show all agent institutions onboard on its website.
A spokesperson of Paytm Payments Bank said that the company’s vision is to drive financial inclusion by offering users greater access to digital services. “With this approval, we will further increase the adoption of digital payments by merchant billers and enable them with secure, fast and convenient transactions,” the spokesperson added.
“Users can make convenient payments for their bills and benefit from automatic payment and reminder services through the Paytm app.” he further added as quoted by PTI.
