Kochi: In collaboration with Geojit BNP Paribas Financial Services, Federal Bank launched its portfolio investment scheme (PIS) for NRIs. This service has been launched to offer "hassle free" facilities for investments in stock market. Talking to The Financial Express, M Venugopalan, Managing Director and CEO, Federal Bank said, "The bank, which has been authorized by the Reserve Bank of India to administer the scheme, was the first among the traditional private sector banks to offer the facility." Under the scheme, NRIs will be able to invest in shares with or without repatriation benefits. The trading account would be opened with Geojit BNP Paribas Financial Services. The Demat Account may be opened with Federal bank or Geojit BNP Paribas Financial Services. NRIs need to only issue orders for purchase or sale of shares and the remaining procedures will be handled by the bank and Geojit. Federal Bank has over six lakh NRI clients and has a representative office in Abu Dhabi and relationship managers in other Gulf countries. Talking on this tie up, C J George, Managing Director and CEO, Geojit BNP Paribas Financial Services said, "With the two organizations operating together, NRIs could execute transactions in the stock market with maximum convenience."