RBI gives final approval for Paytm Payments Bank to function as Bharat Bill Payment Operating Unit 

The Reserve Bank of India has given Paytm Payments Bank final approval to function as a Bharat Bill Payment Operating Unit, the company announced on Monday (BBPOU).

A BBPOU is permitted to provide bill payment services for electricity, phone, DTH, water, insurance, gas, loan repayments, FASTag recharge, tuition, credit card bills, and municipal taxes under the Bharat Bill Payment System (BBPS).

The Indian National Payments Corporation owns BBPS. As of now, RBI has granted in-principle authorization to Paytm Payments Bank Ltd (PPBL) to do this activity.

This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.