Reserve Bank of India Governor Shaktikanta Das on June 8, 2023 announced streamlining of the Bharat Bill Payment System (BBPS) processes and membership criteria, among other announcements at the end of the monetary policy committee (MPC) meeting.
After its launch in 2017, BBPS was expanded in terms of scope in December 2022 to include different categories of payments and collections and make it available for a more number of people and businesses.
Das said, “The Bharat Bill Payment System (BBPS) is operational since August 2017. Its scope was further expanded in December 2022. To further enhance the efficiency of BBPS and to encourage greater participation, it is proposed to streamline the process flow of transactions and membership criteria of operating units.”
BBPS is an online platform developed by the National Payments Corporation of India (NPCI) for various kinds of bill payments. This platform is intended to enable multiple payment modes, where the receipt of payment can be instantly generated. The platform is aimed at connecting the utility service provider companies and the payment service providers on the same platform.
Benefits Of BBPS:
With this online platform, bills can be paid anytime from anywhere.
One can make the payment of bills, including electricity, gas, water, mobile recharge, insurance premiums, mutual funds, credit cards, Fastag recharge, school fees, housing society payments, etc.
The scope is much wider and is not limited to only these services bills. It is a one-stop payment destination where one can pay for different services.
The instant receipt is the key benefit of making payment through this oTRANSACTIONnline platform, as confirmation is sent to the customer on a registered mobile number or email as soon as the transaction is completed.
This platform service is available 24x7. If the transaction is not complete due to some technical glitch or other reason, the amount is returned to the customer.
For any issues, users can raise a complaint on the portal. The resolution status is made available to the customer within five days of the complaint.
