Paytm Payments Bank Receives Final Approval from RBI to Operate as Bharat Bill Payment Operating Unit

Paytm Payments Bank Limited (PPBL), which an associate bank of Paytm, has got the final approval from Reserve Bank of India (RBI) to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.

As an entity under Bharat Bill Payment System (BBPS), the associate bank has got the final authorization to conduct bill payment and aggregation business as a BBPOU.  

Under RBI's guidance, PPBL will display all Agent institutions onboarded on its website and make concerted efforts to onboard more billers in the approved categories on the BBPS platform. This approval enables PPBL to become the single point access to all billers on all payment channels – digital and physical. 

'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. Through the Paytm app, users can make convenient payments for their bills and benefit from automatic payment and reminder services,"  said a spokesperson of Paytm Payments Bank.