Federal Bank has secured RBI’s approval to open representative offices in Kuwait and Singapore. In 2016-17, the bank had handled around 15% of the total personal inward remittances to India. The bank feels while the full spectrum of digital products keeps customers connected with the bank from any part of the world, 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, said Shyam Srinivasan, MD & CEO of the bank. The bank has 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.
