Paytm Payments Bank said on Monday that it has obtained final RBI approval to operate as a Bharat Bill Payment Operating Unit (BBPOU).
In accordance with the Bharat Bill Payment System (BBPS), a BBPOU may support the bill payment services for electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education expenses, credit card bills, and municipal taxes. BBPS is owned by the National Payments Corporation of India. RBI has granted in-principle authorisation for Paytm Payments Bank Ltd (PPBL) to conduct this activity so far. The PPBL will list all agent institutions on its website in accordance with RBI regulations.