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    Question

    Consider the following statement is/are associated with

    Bharat Bill Payment System (BBPS)? I. BBPS is an RBI driven system administered by National Payments Corporation of India. II. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banksrsquo; Association (IBA). III. Payments through BBPS may be made using cash and cheques only. Which of the above statement is/are not correct?
    A Only I Correct Answer Incorrect Answer
    B Only II Correct Answer Incorrect Answer
    C Only III Correct Answer Incorrect Answer
    D Both I and II Correct Answer Incorrect Answer
    E Both I and III Correct Answer Incorrect Answer

    Solution

    The Bharat Bill Payment System (BBPS) is an RBI conceptualised system driven by National Payments Corporation of India (NPCI). Payments through BBPS may be made using cash, transfer cheques and electronic modes. National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banksrsquo; Association (IBA). Reserve Bank of India recently eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth requirement to Rs 25 crore from Rs 100 crore, with a view to encourage more players in the segment. Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills. It was launched by NPCI.

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