NPCI transfers automatic bill payments business to new subsidiary

The National Payments Corporation of India (NPCI) has transferred all its Bharat Bill Payment System (BBPS) transaction mandates to a new subsidiary called the NPCI Bharat BillPay Limited (NBBL), effectively hiving off its automated bill payment business. BBPS is an interoperable bill payments platform used by banks, fintech companies and biller merchants to automate bill collection and request solutions.

All licensed bill processors – banks and payment aggregators – on the platform received an email from NPCI on March 31, asking them to start accounting their billing transactions under NBBL from April 1.