Paytm Payments Bank received approval from RBI as BBPOU

  • Paytm Payments Bank has received final approval from RBI to operate as a Bharat Bill Payment Operating Unit (BBPOU).
  • Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services for electricity, phone, gas insurance, loan repayments, credit card bill, and municipal taxes.
  • BBPS is owned by the National Payments Corporation of India.
  • So far, Paytm Payments Bank was undertaking this activity under in-principle authorization from RBI.