Federal Bank and Royal Exchange USA have entered into a remittance arrangement for speedier rupee remittances by NRIs in the US. The remittance facility will become cheaper and faster compared to traditional inward remittance modes from US.
As per the arrangement, remitters from US who are registered users of Royal Exchange can get quick conversion of their funds into rupee and get instant credit to Federal Bank accounts.
Federal Bankhas reported 9.18% rise in its net profit at Rs 230.13 crore for third quarter ended December 31, 2013 as compared to Rs 210.78 crore for the same quarter in the previous year. Total income of the bank has increased by 9.86% at Rs 1895.92 crore for quarter under review as compared to Rs 1725.62 crore for the quarter ended December 31, 2012.