NPCI transfers Bharat Bill Payments business to its new subsidiary NBBL

NPCI transfers Bharat Bill Payments business to its new subsidiary NBBL

• The National Payments Corporation of India (NPCI) has transferred all its Bharat Bill Payment System (BBPS) transaction business to NPCI Bharat BillPay Limited (NBBL), a wholly-owned subsidiary of NPCI.
• All licensed bill processors on the Bharat Bill Payment Operating Units (BBPOU), i.e. the banks and payment aggregators, have been directed to start accounting their billing transactions under NBBL from April 1 2021.
• The decision to set up a separate subsidiary for bill payment business aims to scale growth of the interoperable bill platform by giving it increased autonomy in operations and onboarding of new billers.
• BBPS is an interoperable bill payments platform set up in 2013, for use by banks, fintech companies and biller merchants to automate bill collection and request solutions.

Points to Remember:

1. NBBL is the wholly owned subsidiary of __________
2. NPCI has transferred its automatic bill payment business to which company? NPCI Bharat BillPay Limited (NBBL)
3. Payments under NBBL will be effective from? April 01, 2021