Kochi-based private sector lender Federal Bank has received the final regulatory approval from the Reserve Bank of India (RBI) to start its operations in Bahrain, Kuwait and Singapore.
The bank already has representative offices in Abu Dhabi and Dubai. While the majority of Indian banks are planning to downsize their overseas operations, Federal Bank’s announcement comes as a pleasant surprise for Indians residing abroad.
“We have received the Reserve Bank nod for having representative offices in Bahrain, Kuwait and Singapore and are now awaiting clearances from local regulators in the host countries,” said Shyam Srinivasan, Chief Executive Officer and Managing Director, Federal Bank.
Srinivasan, however, did not announce any timeline on the approval from local regulators, saying it depends on a lot of factors.
While the public sector lenders have been reducing their overseas presence as part of a government directive, post the Nirav Modi fraud, the private lenders have been continuing with their overseas expansion plans, Axis Bank and YES Bank are the latest ones to do so.
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