IBPS has declared the result CWE PO/MT-V main exam in the month of November. Candidates who qualified in Main examination will be called for a Common Interview to be conducted Participating Organisations. The interview will be held in January 2016.
Here the banking team of Jagran josh is providing the details about Bharat Bill Payment System which is useful for IBPS PO interview.
Bill payment is a key component of the retail payment transactions. The Committee formed by RBI in 2013 to analyse the feasibility of implementation of GIRO (Government Internal Revenue Order) based Payment Systems had estimated that over 30,800 million bills amounting to Rs.6223 billion are generated each year in the top 20 cities in the country. Though various forms of payments are accepted, cash and cheque payments continue to be predominant, particularly at the Billers’ Own Collection Point.
While the existing systems are safe and strong they do not fully address the needs of the customers to pay a variety of “bills” including utility bills, school/university fee, municipal taxes, etc. due to the lack of interoperability in the bill payment processes as well as the lack of access to various modes of electronic payments by a vast majority of customers.
Therefore, there is a need for an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, allows multiple payment modes, and provides instant confirmation of payment.
What is Bharat Bill Payment System (BBPS)?
BBPS is an integrated bill payment system to function for operating bill payment system in India with a single brand image, providing convenience of 'anytime anywhere' bill payment to customers.
The BBPS will operate as a tiered structure with a single Bharat Bill Payment Central Unit (BBPCU) and multiple Bharat Bill Payment Operating Units (BBPOUs).
What is Bharat Bill Payment Central Unit (BBPCU)?
BBPCU will be a single authorised entity operating the BBPS. The BBPCU will set necessary operational, technical and business standards for the entire system and its participants, and also undertake clearing and settlement activities. The Reserve Bank granted an in-principle approval to National Payments Corporation of India (NPCI) to be the BBPCU under BBPS.
What is Bharat Bill Payment Operating Unit (BBPOU)?
BBPOUs will be authorised operational entities, adhering to the standards set by the BBPCU for facilitating bill payments online as well as through a network of agents, on the ground.
What is the current scope of BBPS?
The present scope of BBPS will include utility bill payments such as electricity, water, gas, telephone and Direct-to-Home (DTH). Gradually, the scope would be expanded to include other types of repetitive payments, like school / university fees, municipal taxes etc.
Who should apply for authorisation to become BBPOUs?
Banks and non-bank entities presently engaged in any of the above bill payment activities falling under the scope of BBPS and desirous of continuing the activity are mandatorily required to apply for approval / authorisation to RBI under the Payment and Settlement Systems (PSS) Act 2007.
Whether it is mandatory for all entities (banks and non-banks) doing bill payments to apply for authorisation to RBI?
The entities currently engaged in bill payments which are falling under the existing scope of BBPS will mandatorily have to apply to RBI for authorisation.
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