Current Affairs - Business - Discussion

Federal Bank, which is in the process of formation of a wholly owned subsidiary company, has executed MOU with Infopark Kakkanad for leasing space in their campus. The Bank has already obtained in principle approval of the Reserve Bank of India for the creation of a subsidiary company. The proposed company will integrate and handle all the back-end operations of the Bank. This move towards having a distinct and exclusive outfit for back-end activities is a stride is in line with the practice of progressive financial institutions.