In order to expand its network overseas federal Bank is launching its new branch in Dubai. Managing director of the bank reported that they have asked the Apex bank to allow them to have a representative office of the bank in Dubai.
Bank is already having one in United Arab Emirates and is waiting for the RBI’s nod to establish this representative office over there. At present the bank is having 1,142 branches spread across the country. The bank is also exploring the possibility of entering the credit card business in 2015-16 as part of its diversification drive. The bad loans of the bank has dropped from 3.85% to 2.83%. With the expansion of its network the bank will be able to enhance its revenue stream and earn more fee based business.