Current Affairs - Banking - Discussion

Federal Bank announced that it has entered into a strategic partnership with two new broking partners, Celebrus Capital Ltd and Fortune Wealth Management Co India Pvt. Ltd. for providing Portfolio Investment Scheme (PIS) services to Non-resident Indians (NRIs). Reserve Bank of India's Portfolio Investment Scheme enables NRIs to purchase and sell shares and convertible debentures of Indian companies on a recognized stock exchange through their NRI Savings Account with a designated bank branch. Including the above stated entities, Federal Bank has partnered with total nine broking companies, for providing NRI clients, the facility to invest in shares and debentures of Indian companies in the secondary market. These strategic tie-ups are in line with Federal Bank's objective to double the PIS business in terms of a number of accounts and total volume.