MUMBAI, JUNE 13, 2022 (GPN) – Federal Bank, one of India’s leading Private Sector Banks, has been empanelled as an official banking partner for ‘mRube’, the electronic trading platform introduced by Rubber Board. mRube is an innovative and futuristic platform, that connects the sellers and buyers of natural rubber on a single unified platform, offering enhanced convenience to buy and sell rubber products at competitive prices. Federal Bank provides the required banking API services to enable transactions on mRube seamlessly. The Bank will offer OD facility to the rubber sellers at no extra charges for the initial six months to facilitate advance payment and for refund requests from the buyers. Additionally, sellers will have an option to receive instant payment, after a deal is finalized on the platform.

Shalini Warrier, Executive Director at Federal Bank, commenting on the collaboration said “Federal Bank is proud to be associated with the Rubber Board on this innovative initiative. We have provided the required banking API services. The concept of mRube is extremely attractive and useful to both buyers and sellers of rubber. We believe this will digitize the traditional commodity market and enhance customer delight. We look forward to working with Rubber Board to scale up the usage and utility of the platform”

Dr. K.N.Raghavan IRS, Executive Director, Rubber Board stated  “mRube would be a game changer in the trade of natural rubber by improving the market visibility and price discovery. Natural Rubber is a strategic industrial raw material and a plantation crop, predominantly cultivated in the southern and NE region, supporting livelihood of more than 1.3 million growers and 15000 industry participants. The electronic market is contemplated to complement the existing supply chain by linking buyers and sellers directly through this platform. mRube will enable the buyers and sellers to negotiate for best prices and other product specifications as per their needs. The unique features built-in to the e-market is expected to rationalize and improve the efficacy of rubber trade in the country.”

The Beta launch of the e-market took place in the presence of K N Raghavan, IRS Executive Director, Rubber Board; Shalini Warrier, Executive Director, Federal Bank (virtual presence); Rathish R, SVP and Country Head for Deposits, Fee income and Business Banking, Federal Bank; Binoy Augustine, Vice President and Zonal Head – Kottayam, Federal Bank and 200 plus stakeholders of Rubber Board.

About Federal Bank Limited

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,282 branches and 1,885 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.29 Lakh Crore as on March 31, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.77% as on 31^st March 2022. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian 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.