21RBI Permitted Mobile Prepaid Recharges’ under BBPS; Expanded its Scope

On June 2021, under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), the Reserve Bank of India (RBI) has expanded the scope of The Bharat Bill Payment System (BBPS) by Permitting the addition of ‘mobile prepaid Recharges’ as an additional biller category in BBPS on a voluntary basis.

• This was intended to support mobile prepaid Customers with more options to recharge and It will be implemented on or before August 31, 2021.

Background:

1 BBPS which is an interoperable platform for repetitive bill payments has initially covered recurring bills only in 5 segments viz. Direct to Home (DTH), Electricity, Gas, Telecom and Water

2.In September 2019, RBI had expanded the scope and coverage of BBPS by including all categories of billers who raise recurring bills (except prepaid recharges) as eligible Participants, on a voluntary basis.

3.Now due to the consistent growth in different biller categories, ‘mobile prepaid recharges’ is also included under BBPS

About National Payments Corporation of India (NPC):

It is an organisation for operating retail Payments and settlement systems in India, it is An initiative of RBI and Indian Banks’ Association (1BA) under the provisions of the Payment and Settlement Systems Act, 2007 for creatinga Robust Payment & Settlement Infrastructure in India.

Establishment 2008

Headquarters Mumbai, Maharashtra

MD & CEO-Dilip Asbe

India extended 4th LOC of $108.28 mn to Eswatini

i.On June 15, 2021, the Government of India

(Gol) has extended its 4th Line of Credit (LOC) Worth USD 108.28 million to Eswatini (formerly Swaziland) for construction of their new Parliament building. With this the total value Extended to Eswatini as a soft loan has reached USD 176.58 million.

ii.These LOCs are being utilized towards the

projects of information technology, disaster

management, agriculture, and construction.

iii.The agreement for the same was inked by

Nirmit Ved, General Manager, Exim Bank, and Neal H Rijkenberg, Finance Minister of Eswatini.

About Eswatini:

It is a country in Southern Africa and is Africa’s Smallest country.

Capitals-Mbabane. Lobamba

 Currency Swazi lilangeni (SZL)

India High Commissioner to Eswatini- Radha Venkataraman

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