National Payments Corporation of India Current Affairs - 2020
On May 1, 2020, around 200 Mandis were added to the E-NAM platform. The mandis were from 7 different states. They were joined through a video conference held by the Union Minister of Agriculture Shri Narendra Singh Tomar.
The mandis added were from the states of Odisha, Andhra Pradesh, Gujarat, Rajasthan, Uttar Pradesh, Karnataka and Uttar Pradesh. These addends have brought the number of E-Nam mandis in the country to 785.
What is special about the step?
For the first time, a mandi from the state of Karnataka has been added to the E-NAM platform. Also, E-NAM has been integrated with the Rashtriya E-Market Service of Karnataka. This is the first time, two trading platforms of agriculture commodities have been integrated in India. This will help in inter-state trade development.
The National Agriculture Market was launched in 2016. It facilitates farmers, buyers and traders to trade their commodities online. More than 90 commodities are listed and are available for trade. The features of E-NAM were enhanced by attractive launchings such as BHIM, MIS dashboard, etc.
BHIM is Bharat Interface for Money. It is an application developed by National Payment Corporation of India. The app supports all the banks in the country and also helps user to transfer money instantly.
Tags: BHIM • e-marketing system • e-Marketplace • e-NAM • Mandi
In a consumer friendly initiative, Reserve Bank of India (RBI) has expanded the scope and coverage of Bharat Bill Payment System (BBPS) to include all categories of billers who raise recurring bills and payments (except prepaid recharges) as eligible participants, on a voluntary basis.
With the expansion of the scope of payment facility, RBI now allows other recurring/repetitive bill payments like school fees, insurance premiums, EMIs and municipal taxes, which can also be paid through BBPS.
At present, the facility of payment of recurring bills through BBPS is available only in five segments i.e. direct to home (DTH), electricity, gas, water and telecom.
Expansion of biller categories would increase the user base of Bharat Bill Pay along with providing an efficient, cost-effective alternative to existing systems and enhance consumer confidence and experience.
What is BBPS?
It is an integrated bill payment system that offers interoperable bill payment service to customers online and via a network of agents on ground.
This interoperable platform enables a customer to pay bills like telephone, water, gas, direct-to-home (DTH) and electricity at a single location (electronic or physical).
The system provides multiple payment modes and instant confirmation of payment.
BBPS functions under National Payments Corporation of India (NPCI).