Federal Bank to open its first overseas branch in Dubai

Posted on:14 Nov 2016 18:07:03
Federal Bank to open its first overseas branch in Dubai
14 November 2016 Current Affairs: Federal Bank has received Reserve Bank of India (RBI)'s permission to open its first international branch at the Dubai International Financial Centre.

The bank, in a statement, said the permission is subject to other approvals from the host regulator, Dubai Financial Services Authority.

The proposed branch at Dubai will help the Bank serve its Non-Resident clientele better, the statement added.

Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).

The private sector bank operates through a branch network of 1,252 branches and 1,524 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.37 Lakh Crore as at March 31, 2016.

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