1. Reserve Bank starts awarding in-principle nod for BBPOUs

Reserve Bank starts awarding in-principle nod for BBPOUs

Oxigen Serivces is among those that can now operate as a BBPOU

By: | Mumbai | Published: May 14, 2016 6:20 AM

The Reserve Bank of India (RBI) on Friday said that it had received 62 applications for authorisation from non-bank entities and 80 requests in all for approvals from banks for operating as a Bharat Bill Payments Operating Unit (BBPOU). The central bank said it has commenced communicating the decision directly to applicants.

In-principle approvals to operate BBPOU are conveyed where the applicants meet all eligibility requirements including existing net worth and requisite billing experience as covered under the present scope of bharat bill payments system, the RBI said.

Oxigen Serivces is among those that can now operate as a BBPOU, Pramod Saxena, founder and chairman of Oxigen Services told FE. Oxigen will be setting up a unit to on board a host of government payments under National Payment Corporation of India (NPCI).

In November 2015, RBI had granted in-principal approval to NPCI to function as Bharat Bill Payment Central Unit. Bharat Bill Payment System is an integrated bill payment system that will enable payment services online or through an offline network. Payment can be made through multiple modes and the users will get instant confirmation.

Oxigen has an active user base of 150 million and 2,00,000 retail access points across the country that accept payment through Oxigen. The payment system will integrate payments for utility services, education, healthcare, and insurance on a singular platform. “All billers in the country can be brought to a single platform which is NPCI. It is a central and bank-controlled switch,” Saxena said.

In the wallet space, Oxigen’s USP is its cash-loading features, which is available across its 2,00,000 access points. Cash loading allows a Oxigen user without a bank account to get cash loaded into his mobile against cash payment to one of Oxigen’s authorised retailer.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top