New NABARD Workshop - Last 4 year trend. March 5 at 5 PM. Register here

    Question

    Bharat Billpay and which private sector bank has

    partnered with LuLu Financial Group to enable direct utility bill payment for NRIs?
    A HDFC Bank Correct Answer Incorrect Answer
    B ICICI Bank Correct Answer Incorrect Answer
    C Axis Bank Correct Answer Incorrect Answer
    D Federal Bank Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Federal Bank, launched direct utility bill payment facility in association with Bharat BillPay Limited ( NBBL ) - the wholly owned subsidiary of National Payments Corporation of India ( NPCI ) , and Lulu Financial Group, at the Global FinTech Festival held in Mumbai . This arrangement will now allow Indians living in the GCC to remit money directly to pay for their utility bills back home through any LuLu Exchange branch, as well as the digital money transfer app, LuLu Money . Learn Along : Bharat Bill Payment System ( BBPS ) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills . It was launched by NPCI . National Payments Corporation of India ( NPCI ) is an umbrella organization for all retail payments in India . It was set up with the guidance and support of the Reserve Bank of India ( RBI ) and Indian Banks Association ( IBA ). NPCI Headquarters : Mumbai MD & CEO : Dilip Asbe Federal Bank Headquarters : Aluva,Kochi CEO : Shyam Srinivasan Lulu Group Headquarters : Abu Dhabi,UAE CMD : M . A . Yusuff Ali

    Practice Next