NEW DELHI, 18^th SEPTEMBER 2019 (GPN): NSE Clearing Limited has impaneled 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 digitization 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 branches of the 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.”

About Federal Bank:

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 at 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 organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.