Current Affairs · Banking Awareness

Assertion: The introduction of the Bharat Bill Payment System (BBPS) has transitioned the Indian utility payment landscape from a fragmented, siloed approach to a unified, interoperable ecosystem that offers 'Anytime Anywhere' bill payment services to all citizens. Reasoning: Because BBPS functions as a tiered structure with the National Payments Corporation of India as the central clearing house and multiple Bharat Bill Payment Operating Units (BBPOUs) as the intermediaries, it ensures that a customer can pay any bill of any registered biller through any bank's digital channel or physical agent point regardless of where the biller is located or which bank they use.