Federal Bank Gets Nod for Opening Two More Overseas Representative Offices
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 bythe two new representative Office approvals that RBI has accorded us as theywill strengthen our capability to serve the Middle East while we replicate thestrengths that have differentiated us in serving NRIs to, Singapore. Kuwait isa natural extension to our aspirations and we eagerly look forward to settingup our presence there. We had been sizing up the Singapore opportunity forquite some time and this approval is our first baby step towards nurturing newconnections there. Our quest to be the best bank to serve the Indian diasporais getting one step closer to realization!” said Mr. Shyam Srinivasan, MD &CEO of Federal Bank.