Current Affairs - Banking - Discussion

Federal Bank entered into a strategic partnership with Hedge Equities Ltd for providing Portfolio Investment Scheme (PIS) services to NRIs. A formal agreement was executed in which Jose K Mathew (EVP & Head Retail Business, Federal Bank) and Alex Babu (MD, Hedge Equities Ltd) exchanged the MoU announcing the tie-up. Federal Bank is authorized by the RBI to issue permission letter to NRIs on behalf of the RBI to transact in the secondary market.