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.
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.
Federal Bank- got approval to open offices in Kuwait and Singapore- as it was preferred bank for NRIs.
Static/Current Takeaway Points Important for IBPS PO Mains 2017 Exam-
- Federal Bank MD & CEO- Shyam Srinivasan.
- Kuwait Capital- Kuwait City, Currency- Kuwaiti Dinar (world’s highest-valued currency unit).
Source- The Hindu Business Line