NSE Clearing Limited has empanelled Federal Bank for submitting Fixed Deposit Receipts in electronic form (e-FDRs) as collateral to clearing/trading members. This move is a significant step in the digitisation journey of the Government, and the Bank is proud to be associated with NSE Clearing Limited on this.
Further, the use of e-FDRs will eliminate risks arising from loss of physical certificates or fraudulent certificates. This facility is available at all branches of Federal Bank. Trading members can avail this facility quite easily by placing requests at the branches of Federal Bank.
Commenting on this initiative, Mr.Radhakrishnan K, Senior Vice-President & Country Head – Retail Liabilities said, “Federal Bank is a pioneer in providing digital capabilities in the country and the introduction of e-FDR is one further step in this direction. We are sure that trading members will find this an easy and convenient way to place deposits required by NSE Clearing Ltd.”
Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh crore as on March 31, 2019 and it has earned a net profit of Rs.1,244 crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organisation that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
