On April 01, 2021, The National Payments Corporation of India (NPCI) formed its wholly-owned subsidiary firm called NPCI Bharat BillPay Limited (NBBL) to offer recurring payment services. NPCI transferred all its Bharat Bill Payment System (BBPS) transaction mandates to the newly formed subsidiary.
- It has a paid-up capital of Rs 5 lakh and a Share capital of Rs 1 crore.
- Banks and payment aggregators on the Bharat Bill Payment Operating Units (BBPOU) platform have been asked to start accounting their billing transactions under NBBL from April 1, 2021.
Note – Bharat BillPay is NPCI’s second subsidiary firm after NPCI International Payments (NIPL), which takes care of deployment of the RuPay card scheme and UPI outside of India.
- RBI directed NPCI to set up a separate subsidiary to scale the interoperable bill platform by the way of increased autonomy in operations and onboarding of new billers.
- NBBL is a public company registered in December 2020 with three directors – NPCI chief executive Dilip Asbe, SBI deputy managing director and chief digital officer Ravindra Pandey, and NPCI non-executive chairman Biswamohan Mahapatra.
- The new entity offers various recurring payment services to customers, including bill payments for electricity, telecom, DTH, gas, education fees, water and municipal taxes, NETC FASTag recharge, loan repayments, insurance, cable, housing society, subscription fees, hospital, credit card, clubs and associations.
- The transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets, Kiosk, ATM, Bank Branch, Agents and Business Correspondents.
- NPCI stated that BBPS has processed 35 million transactions worth Rs 5,196 crore for more than 19,000 billers in March 2021.
Recent Related News:
National Payments Corporation Limited (NPCI), an umbrella organisation for operating retail payments and settlement systems in India launched ‘UPI-Help’ on Bharat Interface for Money (BHIM) UPI, a part of its Digi-Help stack. This Feature will enhance the hassle-free experience on issue resolution for BHIM UPI app users.
About National Payments Corporation Limited (NPCI):
National Payments Corporation of India (NPCI) was incorporated in 2008 under the provisions of the Payment and Settlement Systems Act, 2007.
MD & CEO – Dilip Asbe
Headquarter – Mumbai, Maharashtra