Latest News
- Kuwait Arrested 18 Drug Dealers
- 8 More Mental Health Clinics To Be Open
- Fishermen's Makeshift Houses Ordered To Be Removed By Kuwait
- Kuwait Cracks Down On Bachelors
- Non-oil Exports Of Kuwait Reached 106 Million Dinars In January,...
- Kuwait Joins The Global Celebration Of World Press Freedom Day
- Kuwaitis In UAE Advised To Exercise Caution Amid Unstable Weathe...
- MEW Has No Plans For Power Cuts And Is Ready To Tackle The Summe...
- Allow Employees To Transfer If Their Monthly Dues Are Not Paid
- Appeal Court Upholds Death Ruling In Friend’s Kill
- Pakistani Expat Died In A Tragic Accident
- The Hourly Domestic Workers Service Is A New Scam
Federal Bank Gets Rbi Nod To Enter Kuwait, Bahrain And Singapore
South India-based private sector lender Federal BankNSE 2.45 % has received the regulatory nod to open offices in Bahrain, Kuwait and Singapore, but is awaiting local clearances before it starts operations, a top official has said.
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.
SOURCE : IIK
Trending News
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Ministry Announces Separate Time For Amnesty Seeke...
21 April 2024
-
The Ministry Connects With Violators Of Residency...
23 April 2024
-
AstraZeneca Admits Covid Vaccine Can Cause Rare Si...
29 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Al-Nuer Festival Celebrates Kuwaiti Agriculture Wi...
22 April 2024
-
Peak-time 'cut-offs' Raise Fears Of An Electricity...
22 April 2024
-
Road Trip From Kuwait To Bahrain Via Saudi: Travel...
22 April 2024
Comments Post Comment