Federal Bank is partnering with Fortune Wealth Management Company to provide portfolio investment scheme services to NRIs. NRIs will now be able to invest in Indian equity markets on repatriable and non-repatriable basis. The bank’s head of International Banking Ravi Ranjit said the partnership will facilitate NRI investment in India’s vibrant equity markets through PIS. He said the initiative is to offer a customer-friendly and hassle-free mechanism for Indians living abroad to invest in Indian equities without losing NRI status of their savings. Fortune Wealth Managing Company MD, Jose C Abraham said the company has a network of over 60 branches spread across Tamil Nadu, Karnataka and Kerala with an average daily turnover of Rs 125 crore.
