In a first, LuLu Financial Group has partnered with Bharat Billpay and Federal Bank to enable direct utility bill payment for Non-Resident Indians (NRIs), a statement released in Doha yesterday said.
The move will benefit the Indian diaspora in the GCC countries who can now remit money directly to 20,000 billers for domestic utility bill payments through any LuLu Exchange branch or through the LuLu Money app.
In a major boost towards strengthening the scope of cross-border remittances into India, the much-awaited Bharat Bill Payment System (BBPS) has been activated for Indian expats living in the GCC region, it was explained.
Federal Bank, one of India’s leading private sector banks, launched this 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 earlier this week.
At present, over 20,000 billers across 20 categories are covered for receipt of inward remittances through the LuLu Exchange network.
Shalini Warrier, executive director, Federal Bank, said, “We are delighted to be the first mover in launching this much awaited facility for NRIs in collaboration with NBBL and LuLu International Exchange. 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.”
Adeeb Ahamed, managing director, LuLu Financial Group, said, “The BBPS facility enables Indian expats to have greater control over money remitted to meet the expenses of their families back home. This facility has immense applications in widening the scope of cross-border payments beyond its traditional role, and LuLu Exchange is proud to partner with Federal Bank and NBBL to make this a reality for Indians living in the GCC region.”
The arrangement comes on the heels of the Reserve Bank of India’s recent decision to permit foreign inward remittances to be received under the rupee drawing arrangement (RDA) through the BBPS.
Officials at the launch of the new initiative at the Global FinTech Festival in Mumbai.