Mumbai, 16th March 2018: Federal Bank associates with BSNL for offering UPI payment services to BSNL customers. All BSNL landline and mobile customers can pay their bills or recharge their mobiles using Unified Payment Interface (UPI) powered by Federal Bank in the BSNL website. The customer needs to have UPI Virtual Payment Address (VPA) and the payment can be authorized using any UPI App, the customer uses. For those users who do not have Virtual Payment Address (VPA), it can be generated by downloading BHIM LOTZA UPI App or any other UPI PSP app.
For availing the service, the users can go to www.bsnl.co.in, choose the desired service like landline, mobile or recharge and submit the relevant details as required by BSNL. Then select UPI from the payment options, select Federal Bank and input the VPA and click on continue. Open the UPI app corresponding to the VPA on the mobile, click on the Collect Request notification and make the payment using UPI PIN. Click Continue on the website, to complete the transaction and generate receipt.
UPI has transformed both P2P (person to person) and P2M (person to merchant) payments. With the introduction of UPI, customers do not need to remember their internet banking credentials or card number to make payments. With UPI, payments are much faster and safer as it eliminates the need for entering card number, CVV, OTP etc. in various payment portals.
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,679 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.85 Lakh Crore as at December 31, 2017 and it has earned a net profit of Rs 733.86 Crore for the three quarters ended December 31, 2017. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 14.41% at the end of December 31, 2017. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve 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. During FY 17 the bank handled around 15% of the total personal inward remittance to India.