RBI KYC, BBPS, CRILC, Account Aggregator, NACH vs UPI e-Mandate: 6 Must-Know Topics for Bank Exams 2026
The exam hall is silent. You turn the page. Question 1: 'Who operates the Bharat Bill Payment System?' Your pen hovers. If you know the answer is the RBI's National Payments Corporation of India (NPCI), you're ready. If not, this page is your last cram session.
- The RBI Master Direction on KYC (Know Your Customer) applies to all banks, NBFCs, payment system operators, and asset management companies in India.
- The Bharat Bill Payment System (BBPS) is operated by the National Payments Corporation of India (NPCI) under the oversight of the RBI's Department of Payment and Settlement Systems (DPSS). As of 2026, BBPS covers over 25,000 billers and processes over 100 million transactions per month.
- CRILC (Central Repository of Information on Large Credits) requires banks to report all credit exposures of ₹5 crore and above to the RBI. Wilful defaulters must be reported at a threshold of ₹25 lakh and above, and cannot get new loans for 5 years.
- The RBI Account Aggregator (AA) consent framework requires explicit, revocable user consent for sharing financial data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). As of 2026, there are 6 licensed Account Aggregators in India.
- NACH (National Automated Clearing House) e-mandate allows recurring payments up to ₹1 lakh per transaction, while UPI e-mandate allows recurring payments up to ₹15,000 per transaction without additional authentication. The RBI increased the UPI e-mandate limit from ₹5,000 to ₹15,000 in December 2024.
- The RBI Master Direction on KYC applies to all banks, NBFCs, payment operators, and asset management companies.
- BBPS is operated by NPCI under RBI's DPSS; it covers over 25,000 billers and 100 million monthly transactions.
- CRILC reporting threshold is ₹5 crore; wilful defaulter reporting threshold is ₹25 lakh.
- Account Aggregator consent is explicit, revocable, and data is encrypted end-to-end; the AA never stores your data.
- NACH e-mandate allows up to ₹1 lakh per transaction; UPI e-mandate allows up to ₹15,000 per transaction.
- These six topics repeat because they are the pillars of RBI's financial inclusion and risk management strategy.
What Exactly Is 'Current Affairs for Bank Exams'?
Every year, lakhs of aspirants sit for exams like RBI Grade B, SBI PO, and IBPS PO. One section decides who clears and who doesn't: current affairs for bank exams. It covers the latest RBI circulars, government schemes, banking regulations, and economic data. The questions are not about general news — they are about what changed in banking and finance in the last 6–12 months. This page gives you the six most-asked topics, explained in plain English, with exact dates and numbers you can quote in the exam hall.
What Is the RBI Master Direction on KYC and Who Must Comply?
The RBI Master Direction on KYC (Know Your Customer) is a set of rules that tells banks and financial institutions how to verify a customer's identity. It was first issued in 2016 and is updated regularly. The latest version is the Master Direction – Know Your Customer (KYC) Direction, 2016 (updated as of March 2026).
Who must comply? Every bank (scheduled commercial, RRB, cooperative), NBFC, payment system operator, asset management company, and insurance company regulated by the RBI or IRDAI. If you open a bank account, take a loan, or buy insurance, the institution must follow these KYC rules.
Key exam point: The RBI mandates periodic KYC updation every 2 years for low-risk customers and every 8 years for high-risk customers. The Officially Valid Document (OVD) list includes Aadhaar, PAN, passport, voter ID, and driving licence.
Explain the Bharat Bill Payment System (BBPS) and Who Operates It
The Bharat Bill Payment System (BBPS) is a one-stop platform for paying all recurring bills — electricity, water, gas, DTH, mobile, insurance premiums, and even school fees. It works like a central switch: you pay through any bank app or agent, and the money reaches the biller instantly.
Who operates it? The National Payments Corporation of India (NPCI) operates BBPS under the oversight of the RBI's Department of Payment and Settlement Systems (DPSS). The RBI issued the Bharat Bill Payment System (BBPS) Directions, 2024 to govern it.
Key exam point: BBPS has two types of participants: Bharat Bill Payment Operating Units (BBPOUs) — entities that onboard billers and agents — and Bharat Bill Payment Central Unit (BBPCU) — the NPCI, which manages the clearing and settlement. As of 2026, BBPS covers over 25,000 billers and processes over 100 million transactions per month.
What Are the CRILC and Wilful Defaulter Reporting Thresholds in India?
CRILC stands for Central Repository of Information on Large Credits. It is a database maintained by the RBI that collects data on all large loans. Banks must report every credit exposure — including fund-based and non-fund-based — of ₹5 crore and above to CRILC. The data is shared among banks to prevent borrowers from taking multiple loans without disclosure.
Wilful defaulter is a legal term. Under the RBI Master Circular on Wilful Defaulters (2015), a borrower is classified as a wilful defaulter if they:
- Have the capacity to repay but do not, or
- Have diverted funds for purposes other than the loan, or
- Have siphoned off funds, or
- Have disposed of assets without the bank's permission.
Key exam point: Banks must report wilful defaulters to CRILC and to credit information companies (CIBs). The threshold for reporting a wilful defaulter is ₹25 lakh and above. The list is shared with all banks and NBFCs, and wilful defaulters cannot get new loans for 5 years.
How Does the RBI Account Aggregator Consent Framework Work?
The RBI Account Aggregator (AA) is a system that lets you share your financial data — bank statements, mutual fund holdings, insurance policies — with a third party (like a loan app) in a secure, consent-based way. It is governed by the RBI Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions, 2016.
How consent works:
- You, the customer, give explicit consent through the AA app. The consent is revocable — you can cancel it anytime.
- The consent specifies what data (e.g., savings account transactions), for how long (e.g., 30 days), and for whom (e.g., a specific lender).
- The AA does not store your data. It only acts as a pipe between the Financial Information Provider (FIP) — your bank — and the Financial Information User (FIU) — the lender.
- Data is encrypted end-to-end. The AA cannot see your data.
Key exam point: As of 2026, there are 6 licensed Account Aggregators in India, including Finvu, OneMoney, and Yodlee. The system is voluntary — no bank can force you to use it.
What Is the NACH / e-Mandate System and How Does It Differ from UPI e-Mandate?
NACH stands for National Automated Clearing House. It is a bulk payment system operated by the NPCI that allows banks to process recurring payments — like loan EMIs, insurance premiums, and mutual fund SIPs — in a batch. An e-mandate is an electronic instruction you give to your bank to debit your account automatically on a fixed date.
NACH e-mandate:
- Maximum amount per transaction: ₹1 lakh.
- Works for any recurring payment — high-value EMIs, rent, etc.
- Requires a one-time mandate registration via net banking or debit card.
- Settlement happens in T+1 (next day).
UPI e-mandate:
- Maximum amount per transaction: ₹15,000.
- Works only for recurring payments via UPI apps (Google Pay, PhonePe, Paytm).
- Requires a one-time mandate registration via UPI PIN.
- Settlement is real-time.
Key exam point: The RBI increased the UPI e-mandate limit from ₹5,000 to ₹15,000 in December 2024. NACH e-mandate is used for larger recurring payments; UPI e-mandate is for smaller, everyday recurring payments like Netflix or mobile recharges.
How to Prepare Current Affairs for Bank Exams in 2026
Here is a practical plan that works for RBI Grade B, SBI PO, and IBPS PO:
- Read the RBI circulars — not all, but the ones that change rules. Use our RBI Circular Guide 2026 to learn how to read one in 5 minutes.
- Focus on the 6 topics above — KYC, BBPS, CRILC, wilful defaulters, Account Aggregator, and NACH vs UPI e-mandate. These appear in every exam.
- Track the RBI's monetary policy — repo rate, reverse repo rate, CRR, SLR. The current repo rate (as of July 2026) is 6.50%. Confirm the exact figure on the official RBI website before the exam.
- Use mock tests — our RBI Grade B Mock Test 2026 gives you free practice with real exam pattern.
- Bookmark the RBI's official website — www.rbi.org.in — for the latest circulars and data. Never rely on third-party sites for exact numbers.
🔭 The Angle Nobody Covers: Why These 6 Topics Keep Repeating in Exams
Every coaching centre teaches you the same list: KYC, BBPS, CRILC, wilful defaulters, Account Aggregator, NACH vs UPI. But nobody tells you why these six keep appearing. Here is the secret: these are the six pillars of the RBI's financial inclusion and risk management strategy.
KYC is the gatekeeper — it stops money laundering. BBPS is the utility — it makes bill payment universal. CRILC is the watchdog — it prevents banks from lending blindly. Wilful defaulters is the punishment — it deters fraud. Account Aggregator is the future — it lets you own your data. NACH vs UPI e-mandate is the plumbing — it decides how money moves.
When you understand the why, you don't need to memorise. You can reason your way to the answer. That is what separates a topper from a crammer.
Questions people ask
The repo rate as of July 2026 is 6.50%. But rates change at every RBI Monetary Policy Committee meeting (usually every 2 months). Always confirm the exact figure on the official RBI website (www.rbi.org.in) on the day of your exam.
Yes, the Master Direction applies uniformly to all scheduled commercial banks, RRBs, cooperative banks, NBFCs, payment system operators, and asset management companies. However, some provisions (like periodic updation frequency) vary by customer risk category.
Yes, BBPS now covers credit card bill payments. As of 2026, most major banks have onboarded their credit card billers on BBPS. You can pay through any BBPS-enabled app like Google Pay, PhonePe, or Paytm.
The RBI can impose a penalty on the bank. Under the RBI Act, 1934, the central bank can fine a bank up to ₹1 crore for non-compliance with reporting requirements. The bank's management may also face action.
Yes, consent is required for each data-sharing request. You can set a validity period (e.g., 30 days) and revoke it anytime. The AA cannot access your data without your explicit, revocable consent.
It depends on the amount. For payments above ₹15,000 (like loan EMIs or rent), use NACH e-mandate. For smaller recurring payments (like Netflix, mobile recharge, or insurance premium under ₹15,000), UPI e-mandate is faster and more convenient.