Federal Bank has received an approval from Reserve Bank of India (RBI) to open its first international branch at the Dubai International Financial Centre (DIFC), Dubai, UAE and a representative office in Manama, Bahrain. 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.
Federal Bank, 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.