Paytm Payments Bank announced that it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU).
As a BBPOU, Paytm will be able to facilitate bill payments for services such as electricity, phone, DTH, water, gas, insurance, loan repayments, FASTag recharge, education fees, credit card bills, and municipal taxes under the Bharat Bill Payment System (BBPS).
BBPS is owned by the National Payments Corporation of India.
Paytm Payments Bank Ltd (PPBL) had previously been operating under in-principle authorization from the RBI.
The company has now received final approval from the RBI to operate as a BBPOU under the Payment and Settlement Systems Act, 2007, allowing it to conduct bill payment and aggregation business.
In compliance with RBI guidance, PPBL will display all agent institutions on its website.
Paytm aims to increase financial inclusion by offering greater access to digital services. With this approval, it will further promote digital payments among merchant billers and provide secure, fast, and convenient transactions through its app, including automatic payments and reminders.
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