Federal Bank, a leading private sector lender based out of Kerala, and Philip Capital (India), a subsidiary of the Singapore-based Philips Capital group, have entered into an agreement for managing PIS (Portfolio Investment Scheme) on behalf of non-resident Indian (NRI) clients of Federal Bank.
PIS is a type of investment favoured by NRIs as the Reserve Bank of India has designated it to be an investment route for non-residents seeking equity investment options in India. Apart from NRIs, Persons of Indian Origin (PIOs) can also use this route to buy convertible debentures and shares listed on various Indian Stock Exchanges.
This agreement between Federal Bank and Philip Capital (India) is expected to provide substantial value addition to the non-resident Indian clientele of Federal Bank, especially those who are not based out of the Gulf countries. Subsequent to the agreement, the bank’s NRI and PIO customers would be able to access the wider network of Philip Capital along with the company’s expertise and experience to further their investments.
Philip Capital group operates as an integrated financial corporation with a network that encompasses the world. Key products and services offered by the company include a complete range of innovative and high-quality financial services for institutional, corporate and retail clients.