Economics • Banking & FinanceEasy
What is the primary function of the 'Bharat Bill Payment System (BBPS)' operated by NPCI in India?
A. To provide micro-credit to rural artisans
B. To offer interoperable and accessible bill payment services to customers through multiple channels✓ Correct Answer
C. To regulate foreign institutional investments in corporate bonds
D. To clear government securities transactions between commercial banks
💡 Solution & Explanation
The Bharat Bill Payment System is a unified interoperable platform conceptualized by the Reserve Bank of India and operated by the National Payments Corporation of India to facilitate recurring utility and financial bill payments across multiple digital channels. It ensures customer convenience by bringing disparate service providers into a single network.
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