Federal Bank surges 2% on partnership with Ripple

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.