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Federal Bank on Wednesday said it has tied up with Bharat Bill Payment System (BBPS) to facilitate Utility Bill Payment services for Non-resident Indian Diaspora. 

This tie-up comes on the heels of the Reserve Bank of India (RBI) recently permitting foreign inward remittances to be received under the rupee drawing arrangement (RDA) through the BBPS. 

 “We thank the RBI for their support in making inward ‘Cross Border Bill Payments’ solution available on the BBPS platform. BBPS is a one-stop payment platform for all bills providing an interoperable and accessible “Anytime Anywhere" bill payment service with certainty, reliability and safety of transactions. This facility will go a long way in empowering the Non-Resident Indians (NRIs) to make bill payments on behalf of their families in India," said Noopur Chaturvedi, CEO of NPCI Bharat Bill Payments Ltd. 

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, the bank said in its official statement. 

Federal Bank launched this facility at the Global FinTech Festival in Mumbai on 20 September, 2022. 

 “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 Fintech 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," said Shalini Warrier, Executive Director, Federal Bank. 

Federal Bank claimed that it has a market share of 21% in personal inward remittance space in India. “The utility bill payment arrangement would be extended to all remittance partners shortly," the bank said.

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