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Federal Bank starts operating on CBS

Kochi: The entire operations of Federal Bank were now on the CBS (Core Banking Solution) platform, said M. Venugopalan, Chairman, here on Friday.

He said the bank had finalised the formalities for the proposed rights issue which would provide additional capital for further expansion.

IDBI Fortis Life Insurance Company, the joint venture formed by Federal Bank along with the IDBI and Fortis Insurance International, obtained second level approval from the Insurance Regulatory and Development Authority (IRDA). This insurance venture will start operations by the year-end. The bank received all the regulatory approvals from the RBI and Central Bank of the UAE for opening its representative office in Abu Dhabi. The bank expects to commence operations of this office within two months. This strategic initiative would bring the bank closer to the NRI clientele in West Asia so as to further strengthen its strong NRI base, the Chairman said.

The Federal Bank’s subsidiary, Fedbank Financial Services Ltd., started functioning as the marketing arm of the bank, giving a fillip to the efforts of the bank in marketing its retail products to the masses. During the previous Onam season, the bank had started the sale of imported Suisse Gold Coins under the brand name Federal Bank Pure Gold.

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