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BoB launches online bill payment service
(June 1, 2001 - The Financial Express)

BANK of Baroda (BoB) on Friday launched its online bill payment service in Mumbai, powered by ‘Billdesk,’ a service of allows households to receive and pay their utility and other similar bills electronically from a single secure web site.

BoB has also earmarked Rs 50 crore for risk investments in customer-centric products and has picked up a 10 per cent stake in IndiaIdeas for Rs 1.60 crore.

Speaking on the occasion, BoB’s chairman and managing director, PS Shenoy said: “The online bill payment service is a step towards better customer service than a business proposition”. Billdesk is a service bureau that offers universal electronic bill payment services that allows customers to receive, review, pay and organise bills online.

Customers can access this service from anywhere using the Internet and can pay their bills using any of their bank accounts.

IndiaIdeas director, MN Srinivasu, said that the relationship with the BoB was an important strategic step for the company as they could immediately make the service available through over 100 branches in Mumbai. Mr Shenoy stated that the launch of the bill payment services was a significant IT initiative for the bank and added that the bank is confident of taking further IT initiatives to meet customer expectations.

According to Mr Shenoy, the bank also has plans to set up Internet kiosks on selected places in Mumbai to facilitate the use of the Billdesk service.

IndiaIdeas is a young technology company that aims to be a provider of electronic payment and commerce service. Promoted by a team of professionals, the company has a strong management team that has been drawn from organisations like Arthur Andersen and PriceWaterhouseCoopers. The company has received funding from National Venture Fund for software and IT industry.

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