Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Companies / News/  Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit
BackBack

Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

The RBI has finally approved Paytm Payments Bank to operate as a Bharat Bill Payment Operating Unit. Now it will be able to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, etc

Paytm Payments Bank has received final approval from the RBI to operate as the Bharat Bill Payment Operating Unit (Bloomberg)Premium
Paytm Payments Bank has received final approval from the RBI to operate as the Bharat Bill Payment Operating Unit (Bloomberg)

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).

Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.

BBPS is owned by the National Payments Corporation of India.

So far, Paytm Payments Bank Ltd (PPBL) has been undertaking this activity under in-principle authorisation from RBI.

"PPBL 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 company said in a statement.

Under RBI's guidance, PPBL will display all agent institutions onboard on its website.

"Our 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. Through the Paytm app, users can make convenient payments for their bills and benefit from automatic payment and reminder services," a Paytm Payments Bank spokesperson said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 16 Jan 2023, 01:21 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App