One 97 Communications’ (Paytm) subsidiary -- Paytm Payments Bank has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU). Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.
BBPS is owned by the National Payments Corporation of India. So far, Paytm Payments Bank has been undertaking this activity under in-principle authorisation from RBI. Under RBI's guidance, Paytm Payments Bank will display all agent institutions onboard on its website.
Paytm is India's leading digital ecosystem for consumers as well as merchants.
