Current Affairs - Banking - Discussion

National Payments Corporation of India (NPCI), the umbrella organization for all retail payment systems in the country, has received the final nod from the Reserve Bank of India (RBI) to function as the Bharat Bill Payment Central Unit and operate the Bharat Bill Payment System (BBPS). The certified units include three public sector banks - Bank of Baroda, Union Bank of India and Indian Overseas Bank - 10 private lenders, five cooperative banks and 6 non-bank biller aggregators.