BBPS functions under the aegis of National Payments Corporation of India (NPCI).
BBPS is the Reserve Bank mandated system which will provide interoperable bill payment services to customers.
This has been done keeping in view the difficulties expressed by various entities in meeting the deadline, the central bank said in a statement.
After rolling out guidelines for Bharat Bill Payment System (BBPS), a central host for payment gateway services in the country, the Reserve Bank of India is expected to start the process of inviting applications from interested parties.
For beginners it makes sense to understand how BBPS work. It all begins with individuals paying bills to multiple service providers – be it an electricity bill, water bill, telephone bill. Each of these billers offers multiple payment mechanisms.