India's Federal Bank secures clearance to expand to Bahrain, Kuwait and Singapore

It is only awaiting local approval before starting operations.

India’s Federal Bank has received regulatory clearance to open offices in Bahrain, Kuwait and Singapore.

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The move comes on the heels of other private sector banks like Axis Bank and YES Bank who have been similarly expanding their overseas footholds following a massive $2b scam and a ballooning bad debt burden back home.

"We have received the Reserve Bank nod for having representative offices in Bahrain, Kuwait and Singapore and are now awaiting clearances from local regulators in the host countries," chief executive officer and managing director Shyam Srinivasan told PTI over phone. 

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Federal Bank adds that it does not have any plans to increase its presence domestically but will concentrate on digital strategies to expand its customer reach.