Economics • Banking & FinanceEasy
Which institution operates the 'Bharat Bill Payment System' (BBPS) in India to offer interoperable bill payment services?
A. Reserve Bank of India
B. National Payments Corporation of India✓ Correct Answer
C. State Bank of India
D. Indian Banks' Association
💡 Solution & Explanation
The Bharat Bill Payment System is an interoperable bill payment platform conceptualized by the Reserve Bank of India and operated under the administrative framework of the National Payments Corporation of India. While the RBI regulates the overall payment systems under the Payment and Settlement Systems Act of 2007, operational management rests with NPCI. Commercial banks act merely as operating units or customer touchpoints within the ecosystem.
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