Economics • Banking & FinanceEasy
What is the primary operational objective of the 'Bharat Bill Payment System (BBPS)' managed by the National Payments Corporation of India?
A. To settle large-value interbank corporate treasury transfers on a real-time gross basis
B. To provide an interoperable platform for recurring bill payments with anytime, anywhere accessibility for customers✓ Correct Answer
C. To issue sovereign digital currency tokens backed by physical gold reserves held in the central bank vault
D. To regulate foreign portfolio investor remittances and monitor cross-border capital account transactions
💡 Solution & Explanation
The Bharat Bill Payment System is an interoperable ecosystem established by the National Payments Corporation of India to streamline recurring utility and financial bill payments. Large-scale interbank transfers are handled separately through systems like RTGS and NEFT, while cross-border capital flows are regulated under foreign exchange guidelines. Digital payment infrastructure initiatives are frequently highlighted in banking awareness questions.
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