NSE Clearing Limited has empanelled private lender Federal Bank for submitting fixed deposit receipts in electronic form (e-FDRs) as collateral to clearing and trading members.
"This move is a significant step in the digitisation journey of the government and the bank is proud to be associated with NSE Clearing Ltd on this," according to a statement.
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.
"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," said Radhakrishnan K, Senior Vice President and Country Head at Federal Bank's Retail Liabilities division said.
"We are sure that trading members will find this an easy and convenient way to place deposits required by NSE Clearing Ltd," he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)