Yesterday, RBI approved NPCI to function as Bharat Bill Payment Central Unit (BBPCU). After one year of successful pilot testing, RBI has finally given to NPCI proposal. Indian Overseas Bank (IOB) has joined the league by offering Bharat Bill Payment system to its customers.
IOB becomes the third public sector bank to get the approval from RBI for providing the service. The other two in the list includes Bank of Baroda and Union Bank of India.
The IOB officials in a statement said: “The certification with NPCI has been completed and the BBPS system has been implemented for customers and to the billers”.
BBPS is an integrated bill payment system that offers inter-operable online bill payments to customers. The service provided under it includes online payments of electricity, telecommunication, DTH, water and gas bills.
The BBPS is introduced in order to provide one-stop payment platform for all bills, providing an interoperable and accessible anytime and anywhere.