Paytm Payments Bank announced on Monday that it has received final RBI approval to operate as a Bharat Bill Payment Operating Unit (BBPOU).
A BBPOU may facilitate bill payment services for electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill, and municipal taxes under the Bharat Bill Payment System (BBPS). The National Payments Corporation of India owns BBPS. So far, Paytm Payments Bank Ltd (PPBL) has been carrying out this activity with RBI’s in-principle approval. According to RBI guidelines, PPBL will list all agent institutions on its website.