CURRENT AFFAIRS : BANKING & FINANCE
NPCI Bharat BillPay introduces the NOCS platform to process ONDC transactions
- NPCI Bharat BillPay Ltd (NBBL) has launched the NOCS platform to provide reconciliation and settlement services for transactions undertaken on the Open Network for Digital Commerce (ONDC) network.
- The services, provided under the guidance of RBI, will serve as the foundation for the ONDC network and enable smooth, secure and timely transfer of funds to network participants.
- The NOCS platform is integrated with banks, fintechs and e-commerce players, and will soon go live with the first set of 5 banks on ONDC-AU Small Finance Bank, Axis Bank, HDFC Bank, IDFC First Bank, and YES Bank.
