Federal Bank partners with Oman UAE Exchange for FLASHremit

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Mumbai, March 17, 2016: Federal Bank has partnered with Oman UAE Exchange for FLASHremit, a real-time account credit facility. The partnership enables the non-resident Indian (NRI) customers residing in Oman to transfer money directly to their beneficiary having account with Federal Bank in India.

The advantage of this instant money transfer service is that the moment the account is credited, both the sender and the beneficiary receives SMS notification, thus minimizing the follow-ups and travel time to bank or exchange house.

Commenting on the partnership, Antu Joseph, General Manager (Business & Products), Federal Bank said: “Our partnership with Oman UAE Exchange facilitated providing instant fund transfer facility to NRIs in Oman.  We share a similar passion with Oman UAE Exchange in offering seamless remittance options and thereby ensuring customer delight.  I am sure that Flash Remit option will bring more value and convenience to customers.”

Speaking on the occasion, Boban MP, CEO, Oman UAE Exchange said: “Our endeavour has always been to make money transfer a convenient and seamless experience for the customers. FLASHremit is one of them. We are glad to integrate the services of Federal Bank within our bouquet of services. It has not only enabled the customers with an instant and convenient channel to remit back home but has also strengthened our relationship with the partner”.

About Federal Bank:

 

Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,548 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22  Lakh  Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore.  Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015.  Federal Bank has its Representative Office at Abu Dhabi that seraves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.