India-based Federal Bank strengthens NRI banking proposition during new CEO's maiden Middle East visit

Dubai, 14^th February 2025 - Federal Bank, one of India's leading private sector banks, held a press conference in Dubai, marking Managing Director & CEO Mr. KVS Manian's maiden international media interaction since assuming office in September. During the event, Mr. Manian highlighted the deep-rooted connect that the Bank has with the NRI population in the Middle East, and the services rendered by its representative offices in UAE for the past 17 years.

During his visit to UAE, the Bank unveiled a new NR Savings account variant – Prospera. The Prospera NRE Savings Account offers an impressive suite of benefits designed for the emerging affluent NRI segment which includes Complimentary Insurance Benefit up to ₹60 Lakh, complimentary airport lounge access, special rewards for debit card spends and other banking benefits.

"For over seven decades, Federal Bank has been a trusted partner for Non-Resident Indians across the globe, facilitating their financial aspirations and connections with home," said Mr. KVS Manian. "Today, we handle approximately one-fifth of India's inward remittances, symbolizing the immense trust that the Indian diaspora and our partners place in us. We recognize that today's NRI customers seek more than just basic banking and want to enjoy a comprehensive financial experience that matches their aspirations and lifestyle. We are committed to continuously evolving and enhancing our products and services to meet the changing environment and the needs of our customers." 

Mr. Manian was accompanied by senior officials, Joy P V, Executive Vice President and Country Head – Deposits, Wealth and Banca; Eqbal Manoj, Executive Vice President and Head – Branch Banking, Aravind Karthikeyan, Chief Representative Officer (Abu Dhabi) and Sherin Kuriakose, Chief Representative Officer (Dubai).

"The middle east, particularly UAE, remains a crucial market for Federal Bank, with a significant portion of our NRI business originating from this region," added Joy P V. During the visit, Eqbal Manoj, introduced a new feature in the Bank’s Mobile Banking Platform for NRI customers, through which they can open Portfolio Investment Scheme (PIS) account and invest in Indian stock market. Our new offerings reflect our understanding of the evolving needs of the Indian diaspora and our commitment to serving them better."

The Bank also highlighted its achievements in the NRI banking space, such as market leadership in remittance services, digital innovation in cross-border banking, a strong presence across key NRI markets, a robust remittance partnership network in the UAE, and consistent growth in NRI deposits.