When two UCBs join hands for Bharat Bill Payment System

Mumbai based Bharat Co-operative Bank-A Multi State Scheduled Bank has tied-up with Thane based TJSB Sahakari Bank to start the Bharat Bill Payment System (BBPS) for their customers. Presently the trial is going on.

Talking to this correspondent, the UCB’s CEO C R Mulky said “Recently we have tied-up with TJSB Sahakari Bank to start Bharat Bill Payment System for empowering our customers with most modern banking technologies”.

“In the first phase, we are expecting to connect more than 5 thousand account holders to the Bharat Bill Payment System. We are having more than 10 lakh account holders and 1.50 lakh shareholders”, said Mulky to this correspondent.

Mulky further said, ” we will not charge any cost from users and the service is free of cost. Through BBPS anybody can pay bills such as electricity, gas, landline, DTH across our counters, he said.

Earlier, the Bharat Bank had announced its tie-up with mobile payment app Chillr directly linking customers’ to bank accounts wherein users can transfer money to any person with an account in the same bank in India.

The total business of the Bank as on 31/03/2017 was Rs. 17,116.36 crore; reflecting a growth of 12.97 percent.

The deposits of the Bank as on 31/03/2017 was Rs. 10,385.02 crore; registering an increase of 13.90 percent.  The loans and advances of the Bank as on 31/03/2017 was Rs.6,731.34 crore ; registering an increase of 11.56 percent. Net Profit stood at Rs.119.08 crore.

During the Financial Year 2016-17, it has opened 13 new branches, one extension counter and ATM. It has a total of 101 branches so far, said Chairman, Jaya C. Suvarna while addressing the 41st Annual General Meeting in Mumbai.

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