Federal Bank, India’s fourth largest bank in the private sector and one of the biggest foreign remittance receivers of the country, is planning to extend its reach to customers in the UAE and other countries across the globe, through advanced and innovative services, with more transparency and facilities to provide better benefits and saving opportunities for expatriates.
The Kerala-based bank may soon launch its operations at Dubai International Financial Centre (DIFC), after approval from authorities in India and the UAE. The bank has a representative office in Abu Dhabi that serves as a node for NRI customers in the UAE.
Launching new branches abroad has to meet several regulatory restrictions and policy issues, according to Shyam Srinivasan, Managing Director and CEO of Federal Bank. He was on a visit to Dubai to receive his award at the 7th International Conference on Corporate Social Responsibility, organised by the Institute of Directors-India (IOD) in association with Dubai Quality group (DQG).
“Federal Bank plans to enhance its customer base abroad catering to their diverse needs, assuring speed, quality and highest security for their savings, as these needs are mixed with sentimental and practical elements,” Srinivasan said. “Understanding the rapid changes and daunting challenges happening in the international banking sector, our new strategies are developed to meet the varying requirements of Non-Resident Indian (NRI) customers from multiple profile backgrounds,” he added.
Federal Bank has established its leadership in the international remittance field.
The bank is currently the largest player from India’s private sector, in terms of the customer base in the UAE. It has 600,000 plus expatriate customers across the Middle East region. About 7 per cent of remittance to India goes through Federal Bank, and it is among the biggest remittance receivers in the country.
“Nowadays NRIs are sending more money to their accounts in Indian banks. The Indian Rupee has weakened as result of multiple events happening in the global economy, which as a result helped NRIs to increase their savings.
Being a major foreign remittance receiver, this trend has helped Federal Bank immensely to diversify its business activities,” Srinivasan noted. “We are constantly looking at perfecting our customers’ experience with us through innovation and technological advancements.”