23 June 2015

Federal Bank to set up operations at GIFT City

Federal Bank, a Kerala based private Banker has planned to set up a centre for foreign currency transactions soon in the coming time at the proposed GIFT City in Gujarat. Federal Bank’s CEO and MD Shyam Srinivasan on this occasion stated “To set up a branch for foreign currency transactions we have already spoken with the authorities of GIFT City and it has been finalised. It will be the same as a branch that is placed in a foreign country”.The proposedbranch will require the approval from International Financial Services and Reserve Bank of India.

This Bank is already having 1250 branches; approximately half of these are in Kerala. It is planning to set up 50 more branches per year in the form of small centres. For this Kerala based private lender will appoint 1200 people for the sales team along with one sales personnel in every branch to get the customers for both deposits and advances. The Bank has already begun to employ their team members and this will continue for the next three years.





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