Current Affairs

Scope of the Bharat Bill Payment System (BBPS) Expanded

Current context: The Reserve Bank of India has added other categories of recurring payments to expand the scope of the Bharat Bill Payment System (BBPS).
Scope of the Bharat Bill Payment System (BBPS) Expanded  
  • BBPS is an interoperable medium to facilitate customers to pay bills such as direct-to-home (DTH), telephone, water, gas and electricity at a single location either physical or electronic.
  • After the expansion of the payment facility, municipal taxes, insurance premiums, school fees and other recurring payments can also be paid via BBPS.
  • All categories of billers (except prepaid recharges) are permitted, who provide for recurring bill payments to participate in BBPS on a voluntary basis.
  • In the Third Bi-monthly Monetary Policy Statement 2019-20 on 7th August, it was decided to expand the scope and coverage of BBPS.
  • BBPS payments can be made using cash, cheques, through digital methods including debit, credit card, internet banking.

Question: 

Q.1 RBI has expanded the scope of the Bharat Bill Payment System (BBPS) by allowing_____ payments on its platform?
a. Recurring Payments
b. insurance premium
c. mutual funds
d. None of them
Scope of the Bharat Bill Payment System (BBPS) Expanded Scope of the Bharat Bill Payment System (BBPS) Expanded Reviewed by Neha Verma on September 23, 2019 Rating: 5

No comments:

Join 8,000+ readers and get free notes in your email