Last week, Reserve Bank of India, permitted foreign inward remittances to be received under the rupee drawing arrangement (RDA) through the Bharat Bill Payment System (BBPS). Consequently,Private Sector lender,Federal Bank has tied up with BBPS to facilitate Utility Bill Payment services for Non-resident Indian 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.
Bank launched this facility in association with Bharat BillPay Limited (NBBL), the wholly owned subsidiary of National Payments Corporation of India and Lulu International Exchange at the Global FinTech Festival in Mumbai on September 20, 2022.
Shalini Warrier, Executive Director at Federal Bank, commenting on the occasion said “We are delighted to be the first mover in launching this much -awaited facility for Non-Resident Indian Diaspora in collaboration with NBBL and Lulu International Exchange at the Global Fin tech Festival in Mumbai. The direct payment facility in cross border transactions has optimised the digital payment ecosystem and will equally delight the beneficiaries as it enables seamless bill payment.