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Federal Bank has tied up with Oxigen to expand the bank's e-collection facility to the latter's nearly 2 lakh-plus retail outlets.
With this arrangement, which will initially be valid for one year, all the two-lakh plus retail outlets of Oxigen will be able to remit their cash collection at Federal Bank branches pan-India.
The private sector bank will leverage their 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.
The agreement was exchanged between Shalini Warrier, Chief Operating Officer, Federal Bank, and Pramod Saxena, Founder and Chairman of Oxigen, in the Capital on Thursday.
Federal Bank has a branch network of 1,252 branches and 1,524 ATMs spread across the country.
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