NPCI transfers automatic bill payments business

NPCI transfers automatic bill payments business

The National Payments Corporation of India (NPCI) has moved all its Bharat Bill Payment System (BBPS) exchange orders to another auxiliary called the NPCI Bharat BillPay Limited (NBBL), successfully hiving off its automated bill payments business. BBPS is an interoperable bill payments platform used by banks, fintech organizations and biller traders to automate bill collections and request solutions.

All authorized bill processors banks and payment aggregators on the platform got an email from NPCI on March 31, requesting that they begin bookkeeping their charging exchanges under NBBL from April 1.

“According to the mandate got by RBI, the Bharat Bill Payment Central Unit (BBPCU) business will be moved from NPCI to NBBL an entirely owned subsidiary of NPCI with impact from April 1,” read the email, a duplicate of which has been investigated by ET.

“Kindly note that for every one of the exchanges prepared till 12 PM of March 31 the GST part can be reserved under the old GSTN and transactions handled from 12 PM of April 1 will be reserved under the new GSTN,” NPCI included its email.