Lately Private sector bank – Federal Bank asked RBI to set up its representative office in Dubai, finally apex bank of the country permitted the bank to establish its representative office overseas. This is the second representative office of the bank in Dubai.
It has been reported that this office will provide the information to NRIs interested in foreign investment in the country. This measure will help the bank to expand its business overseas. Already bank is having one office in UAE.
In India bank is serving with a huge network of 1,174 branches and 1,371 ATMs spread all across the country. The net profit of the bank was reported at Rs 839 crore for the full fiscal.