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Federal Bank surges 2% on partnership with Ripple

At 1319 hrs, Federal Bank was quoting Rs 95.90, up 2.51 percent on the BSE.

March 29, 2019 / 01:35 PM IST

Shares of Federal Bank rallied more than 2 percent intraday on March 29 after the private bank entered into a partnership with blockchain supported global remittance company Ripple Inc for cross-border remittance through its network.

The Aluva-based bank in its BSE release said that the partnership will help the bank to explore new corridors, such as cross-border transactions, where Ripple is aggressively pursuing new partnerships.

The share touched its 52-week high of Rs 105 and 52-week low of Rs 67.05 on 9 May 2018 and 4 October 2018, respectively.

At 1319 hrs, Federal Bank was quoting Rs 95.90, up 2.51 percent on the BSE.



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Moneycontrol News
first published: Mar 29, 2019 01:35 pm
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