Paytm payments Bank gets final nod from RBI

As an entity under the Bharat Bill Payment System (BBPS), Paytm Payments Bank is now authorised to conduct bill payment and aggregation business as a BBPOU, news agency PTI quoted the company as saying in a statement.

A BBPOU is allowed to facilitate bill payment services for various utilities like electricity, phone, gas, and water, as well as for loans, FASTag recharge, credit card bills, education fees, and municipal taxes.

So far, Paytm Payments Bank was facilitating the bill payment service for its users under the in-principle authorisation it received from the RBI. The payments bank will now display all agent institutions onboard on its website, under the RBI’s guidance.

“Our vision is to drive financial inclusion by offering users greater access to digital services. With this approval, we will further increase the adoption of digital payments by merchant billers and enable them with secure, fast and convenient transactions,” a company spokesperson was quoted as saying.

“Through the Paytm app, users can make convenient payments for their bills and benefit from automatic payment and reminder services,” the spokesperson added.