Money & Banking

Federal Bank gets RBI nod to open offices in Kuwait, Singapore

Our Bureau Kochi | Updated on January 09, 2018

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.

Published on November 09, 2017

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor