9th November 2017:
Federal Bank has obtained approval of The Reserve Bank of India to open representative offices at Kuwait and Singapore. Federal Bank has been the preferred banker to NRIs. The NRI friendly measures taken by the Bank have resulted in the continuously increasing inflow of foreign remittances unhindered by economic tumults in various parts of the world. Last financial year, the Bank handled around 15% of the total personal inward remittances to India. While the full spectrum of digital products of the Bank keeps the customers connected with the Bank from any part of the world, the opening of these representative offices will facilitate liaising with NRIs for catering to their various financial requirements. The new offices will be opened as soon as clearance is obtained from the host countries. Federal Bank already has its representative offices in Abu Dhabi and Dubai. The Bank also has tied up with 110+ overseas banks/remittance partners across the Globe for quick and convenient remittance to India. Bank has already received approval from RBI for opening branch in DIFC, Dubai and a representative office in Bahrain, the setting up of which is under process.
“We are excited by the two new representative Office approvals that RBI has accorded us as they will strengthen our capability to serve the Middle East while we replicate the strengths that have differentiated us in serving NRIs to, Singapore. Kuwait is a natural extension to our aspirations and we eagerly look forward to setting up our presence there. We had been sizing up the Singapore opportunity for quite some time and this approval is our first baby step towards nurturing new connections there. Our quest to be the best bank to serve the Indian diaspora is getting one step closer to realization!” said Mr. Shyam Srinivasan, MD & CEO of Federal Bank.
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,680 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.72 Lakh Crore as at June 30, 2017 and it has earned a net profit of Rs 210.15 Crore for Q1 FY18. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.28% at the end of June 30, 2017. Federal Bank has its Representative Office at Dubai and Abu Dhabi that serves 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.