While Unified Payment Interface (UPI) is the star of the National Payments Corporation of India (NPCI), one product that has been spoken less about is Bharat Bill Payment System (BBPS). In the Second Quarter Review of Monetary Policy 2012–13, the then RBI Governor announced a committee to study GIRO payment. Accordingly, a committee was formed under the chairmanship of G. Padmanabhan, Executive Director, RBI, to analyze the implementation. Among other conclusions, it was found that the existing system was incapable of fully addressing the needs of Indian consumers. Gaps such as the absence of an interoperable and accessible bill payment service (for customers) through a network of agents, multiple payment modes, and instant payment confirmation led to the formation of BBPS. |
