Federal Bank has been granted approval by Reserve Bank of India to operate under the Bharat Bill Payment System (BBPS), the standardized billing platform conceived by the National Payments Corporation of India (NPCI). BBPS is an integrated system that brings all bill generators in one platform thus offering interoperable service to customers to make payment for a variety of bills through multiple modes. The RBI nod to Federal Bank to join the Bharat Bill Payment Service means that the customers can pay their bill anytime from anywhere. They can register their bill and pay the bill using mobile banking, internet banking, Kiosk, ATM etc. In addition to these, automated bill payment facility will be available for the customers. Customers also have the option to register, view and pay their bills using credit card, debit card, IMPS, NEFT etc.The facility will be extended to school fee, university fee, municipality taxes, mutual funds, insurance premiums in future.
BBPS is beneficial to the service providers/bill generators of utility services such as electricity, water, gas, telephones etc on two counts. Firstly, they are not required to maintain bill collection centres themselves, and secondly, they will get the payments instantly.
Sharing this information with the media, Babu K A, Head – Digital Banking said, Federal Bank is one among the first batch of Banks cleared by RBI to operate under BBPS. This shows the capability of the Bank to offer value added services to our customers on the digital space, particularly for bill payments. We will be able to offer this service to the customersin 2 monthsfrom now. This service will be in addition to our mobile banking services such as FedMobile, our banking app and Scan N pay, our QR code based payment app. BBPS will add depth to our digital offers and enrich our customers with varied options and conveniences.
About Federal Bank
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,524 ATMs spread across the country. The Bank total business mix (deposits + advances) stands at Rs 1.37 Lakh Crore as at March 31, 2016 and it has earned a net profit of Rs 475.65 Crore. Bank Capital to Risk weighted Ratio (CRAR) stood at 13.93% at the end of March 31, 2016. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.