RBI allows Paytm Payments Bank to operate as Bharat Bill Payment Operating Unit

Paytm Payments Bank announced on Monday that it has received final RBI approval to operate as a Bharat Bill Payment Operating Unit (BBPOU).

A BBPOU may facilitate bill payment services for electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill, and municipal taxes under the Bharat Bill Payment System (BBPS), which is owned by National Payments Corporation of India.

So far, Paytm Payments Bank Ltd (PPBL) has been carrying out this activity with RBI's in-principle approval.

PPBL has received final authorization to conduct bill payment and aggregation business as a BBPOU as an entity under Bharat Bill Payment System (BBPS),' the company said in a statement.

According to RBI guidelines, PPBL will list all agent institutions on its website.

At around 2.35 PM, Paytm was trading at Rs562.35, up by 0.40% against the previous close of Rs560.10 on NSE. The counter hit an intraday high and low of Rs565.80 and Rs555.95 respectively.

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