New Ripple partner: Federal Bank

After an announcement today, the 28th of March, Federal Bank Ltd is officially a Ripple partner.

According to the announcement:

“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.”

This is the 5th Indian bank to become a Ripple partner after Yes Bank, Axis Bank, IndusIND and Kotak Mahindra.

Information on Federal Bank Ltd

According to wikipedia, Federal Bank Ltd is a leading Private Sector, scheduled commercial bank in India, headquartered in Aluva, Kerala with a history of 70 years and a large network of over 1251 branches and over 1665 ATMs and 258 cash recyclers spread across the country.

Headquarters: Aluva, Kerala, India
Number of employees: 12,295 (2019)
Number of locations: 1,251 branches (2019)

Revenue: ₹10,911.98 crore (US$1.5 billion) (2018)
Operating income: ₹2,291.03 crore (US$320 million) (2018)
Net income: ₹878.85 crore (US$120 million) (2018)
Total assets: ₹138,313.95 crore (US$19 billion) (2018)

According to lead the competition, it is the 5th largest private bank in India (as of March 2018).

The Federal Bank holds more than 15% market share in remittances and expects to grow through digitisation.