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

New Delhi: 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 Bharat Bill Payment Operating Unit 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, Paytm Payments Bank Ltd will display all agent institutions onboard on its website.