KOCHI, 5 AUGUST, 2019 (GPN) : Driven by the corporate credo ‘Digital at the Fore and Human at the Core’, Federal Bank has been wielding the capabilities of technology to improve quality of life of its customers, employees and society. While Federal Bank has been the harbinger of many of the modern practices in digital banking, the underlying philosophy has been more digital for much better human experiences. Two announcements made by Federal Bank MD & CEO today have been telling examples of both digital resourcefulness of the Bank and its commitment to customers and society.
In a press meet held in Kochi today, Shri. Shyam Srinivasan (MD & CEO, Federal Bank) and Shri. G V Nageswara Rao (MD & CEO, NSDL) jointly launched a facility for instant online opening of demat accounts for Federal Bank customers. Federal Bank is the first ever bank in India to offer this service to the customers. With the launch of this service, customers of the Bank can open their demat accounts in a matter of a minute by logging into FedNet, the internet banking portal of Federal Bank. The facility is available round the clock and involves absolutely no paper work.
A demo of the newly launched product was done at the press meet. Federal Bank is now equipped to offer a full suite of services to investors and traders in stock market with instant opening of savings and demat accounts and doorstep service for opening of trading accounts facilitated by strategic tie-ups with major stock broking houses. Shri. G V Nageswara Rao mentioned that NSDL Insta demat account facility will help clients to open demat accounts instantly, so that he/she can start using the same for various purposes viz., application for IPO or NFO, trading etc. He added that NSDL has also launched digital LAS facility whereby Banks are in a position to disburse the loan against securities to clients in a few minutes.
At the press meet, Shri. Shyam Srinivasan announced the Bank’s contribution towards Army Welfare Fund. Earlier this year, the Bank had rolled out a scholarship scheme for children of martyrs of armed forces and decided to contribute an amount equal to the number of online transactions done by the Bank’s customers in the month of March 2019 to Army Welfare Fund. With almost three-fourths of the Bank’s transactions happening digitally during that month, the Bank’s contribution towards Army Welfare Fund amounts to ₹ 42,02,874/- (Rupees forty two lakhs two thousand eight hundred seventy four only).
About Federal Bank:
Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.