Federal Bank has tied up with wallet service provider Oxigen to expand the bank’s e-collection facility to the latter’s nearly 2 lakh-plus retail outlets. The arrangement, initially valid for one year, will ensure that all the two-lakh plus retail outlets of Oxigen will be able to remit their cash collection at Federal Bank branches pan-India. The bank will leverage its e-collection platform to validate the details of the outlets on a real-time basis before accepting the payment. This tie-up would help the outlets replenish their running limits on-the-spot, enabling them to continue to serve customers hassle-free. Shalini Warrier, COO of the bank, and Pramod Saxena, founder and chairman of Oxigen, signed the agreement. Federal Bank has a branch network of 1,252 branches and 1,524 ATMs across the country.
