Federal Bank has tied up with Bharat Bill Payment System(BBPS) to facilitate utility bill payment services for the NRI diaspora.
This arrangement enables overseas remittance partners (exchange houses and banks) to pay Indian utility bills of over 20,000 billers in more than 20 categories in a cost effective and convenient option.
Shalini Warrier, Executive Director, Federal Bank said, “We are delighted to be the first mover in launching this much-awaited facility for NRI diaspora in collaboration with NBBL and Lulu International Exchange at the Global Fin tech festival in Mumbai. The direct payment facility in the cross border transactions has optimised the digital payment ecosystem and will equally delight the beneficiaries as it enables seamless bill payment.”
Noopur Chaturvedi, CEO of NPCI Bharat Bill Payments Ltd said “BBPS is a one-stop payment platform for all bills providing an inter-operable and accessible “Anytime Anywhere” bill payment service with certainty, reliability and safety of transactions. This facility will go a long way in empowering the NRIs to make bill payments on behalf of their families in India.
Federal Bank has a market share of 21 per cent in personal inward remittance space in the country. With the exclusive launch of this product, the bank expects to strengthen its market share in the remittances business. The utility bill payment arrangement would be extended to all remittance partners shortly.