Kerala-based Federal Bank in a tie up with Geojit BNP Paribas Financial Services launched its portfolio investment scheme (PIS) for NRIs on 9 April 2010. The bank was authorised by the Reserve Bank of India to administer the scheme. It is the first among the traditional private sector banks to offer the facility. Under the scheme, NRIs could invest in shares with or without repatriation benefits. NRIs would have to open separate PIS accounts with the bank for repatriation and non-repatriation benefits.
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