NSE Clearing Ltd Empanels Federal Bank for Accepting e-FDRs
Chennai, 18th September 2019: NSE Clearing Limited has empanelled Federal Bank for submitting Fixed Deposit Receipts in electronic form (e-FDRs) as collateral to clearing/trading members. This move is a significant step in the digitization journey of the Government, and the Bank is proud to be associated with NSE Clearing Limited on this. Further, the use of e-FDRs will eliminate risks arising from loss of physical certificates or fraudulent certificates. This facility is available at all branches of Federal Bank. Trading members can avail this facility quite easily by placing requests at the branches of Federal Bank.
Commenting on this initiative, Mr. Radhakrishnan K, Senior Vice President & Country Head -Retail Liabilities said, “Federal Bank is a pioneer in providing digital capabilities in the country and the introduction of e-FDR is one further step in this direction. We are sure that trading members will find this an easy and convenient way to place deposits required by NSE Clearing Ltd.”