Comments
Federal Bank has obtained RBI approval to open representative offices at Kuwait and Singapore.
The bank has been the preferred banker for NRIs and the NRI friendly measures have resulted in increasing inflow of foreign remittances.
Last financial year, the bank had handled around 15 per cent of the total personal inward remittances to India. While the full spectrum of digital products keeps customers connected with the bank from any part of the world, opening up 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, Shyam Srinivasan, MD & CEO, said.
The bank already has its representative offices in Abu Dhabi and Dubai and it has tied up with 110+ overseas banks/remittance partners. It has already received approval from RBI for opening a branch in DIFC, Dubai and a representative office in Bahrain, the setting up of which is under process.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.