Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network. Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secured.
This partnership will help Federal Bank to explore new corridors where Ripple is aggressively pursuing new partnerships. In a meeting held today Mr. Shyam Srinivasan, Federal Bank MD & CEO and Mr. John Mitchell, Senior Vice President Ripple Inc, signed the agreements for the partnership.
Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.93.55 as compared to the previous close of Rs. 91.85. The total number of shares traded during the day was 670549 in over 2170 trades.
The stock hit an intraday high of Rs. 94 and intraday low of 91.4. The net turnover during the day was Rs. 62197183.