Federal Bank has tied up with CredAvenue for Portfolio management of their Securitization Book and implemented CredPool - an institutional debt platform of CredAvenue. This arrangement will help Federal Bank to digitally monitor their ABS & MBS pool assets more efficiently through their technology platform. The partnership entails CredAvenue providing post-transaction fulfilment services and portfolio management for their Direct Assignment portfolio. CredAvenue's pooled transaction fulfilment platform has been supporting a host of leading Banks, Federal Bank being the latest addition. The platform is helping Banks and NBFC's meet the prevailing and new regulatory guidelines pertaining to securitization and direct assignment.
"The Bank, in partnership with CredAvenue, has effectively automated the end-to-end processes for Direct Assignments of Retail portfolio. This automation has enhanced the controls over the portfolio while giving us the ability to further scale up our plans for in-organic selective portfolio acquisitions. In CredAvenue, we have found a strong partner and look forward to expanding our relationship with them over the coming years" said Shalini Warrier, ED & Head Retail Business, Federal Bank.
"We provide a comprehensive debt ecosystem for originators (NBFC's) and provide a complete fulfilment solution for all the lenders that are associated with us. Our technology has the capability to provide customized solutions based on each bank/lender's requirements for their portfolio management. Our team ensures a quick and seamless integration with an easy-to-use interface for our partners," said Gaurav Kumar, CEO, CredAvenue.
Shares of Federal Bank Ltd. was last trading in BSE at Rs. 85.7 as compared to the previous close of Rs. 85. The total number of shares traded during the day was 697300 in over 2318 trades.
The stock hit an intraday high of Rs. 86.2 and intraday low of 84.55. The net turnover during the day was Rs. 59536456.