Coimbatore, Apr 7 (PTI) Federal Bank Ltd today entered into a partnership with Fortune Wealth Management Company Ltd, one of the leading stock broking companies of South India for providing Portfolio Investment Scheme (PIS) services to NRIs.
This will enable non-resident Indian clients to invest in Indian equity markets on repatriable and non-repatriable basis, Federal Bank Deputy Vice-President and Head- International Banking, Ravi Ranjit told reporters here.
The partnership will also facilitate NRI investment in India’s vibrant equity markets through PIS, he said.
The tie-up would emerge as a customer-friendly and hassle-free mechanism for Indians living abroad to invest in Indian equities without losing NRI status of their savings, he added.
Stating that the bank has over 40 per cent of the deposit from NRIs and was handling 15 per cent of foreign remittance, Ranjit said PIS also allowed NRIs to invest in shares of Indian companies, in secondary market for purchase/sale of shares or convertible debentures through a registered broker on a recognised stock exchange.
Fortune Wealth Managing Company managing director, Jose C Abraham said the company has a network of over 60 branches spread across Tamil Nadu, Karnataka and Kerala with an average daily turnover of Rs 125 crore, Abraham said.
This is published unedited from the PTI feed.