With reference to the Bharat Bill Payment System BBPS consider the following statements BBPS is an i...........

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With reference to the Bharat Bill Payment System (BBPS), consider the following statements.

BBPS is an integrated bill payment system which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground.
Banks and non-bank entities, both, engaged in any of the bill payment activities falling under the scope of BBPS are eligible to offer services covered under the system.

Which of the above is/are correct?

1 only

2 only

Both 1 and 2

None

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Explanation:

Statement 1: Bharat Bill Payment System (BBPS) system provides multiple payment modes and instant confirmation of payment. The policy guidelines for the BBPS system were issued by the Reserve Bank of India on November 28, 2014. The BBPS will operate as a tiered structure with a single Bharat Bill Payment Central Unit (BBPCU) and multiple Bharat Bill Payment Operating Units (BBPOUs). National Payment Corporation (NPCI) has been identified to act as BBPCU. It will be an authorized entity under the Payment and Settlement Systems Act, 2007.

Statement 2: Banks and non-bank entities presently engaged in any of the bill payment activities falling under the scope of BBPS and desirous of continuing the activity are mandatorily required to apply for approval / authorisationto Reserve Bank of India under the Payment and Settlement Systems (PSS) Act 2007. The entity should be a company incorporated in India and registered under the Companies Act 1956/ Companies Act 2013. In case of any Foreign Direct Investment (FDI) in the applicant entity, necessary approval from the competent authority.