On the occasion of its Founder’s Day celebrations on October 18 and to mark its 66th year of operations, the Kerala-based Federal Bank unveiled ambitious plans of expanding its footprint across the country. This includes the launch of 100 new customer touch-points across the country – 66 branches and 34 ATM centers – and many new products and services.
Federal Bank currently has a strong network of 823 branches (including the new 66 branches) and a business size of almost Rs. 81,000 crore, commanding a leading position amongst private sector banks in India. The Bank aims to become a dominant player in the Indian banking sector and the Number One player in its home state in the near future, in addition to establishing a significant presence in select other states and segments. That ambition is demonstrated by its simultaneous introduction of 100 touch-points in a single day, something that not many other banks have done. The introduction of new branches enables Federal Bank to be closer to customers, provide better service and enhanced customer experience.
Of these 66 new branches, 28 branches are in its home state of Kerala. The 38 others are distributed across the country giving the Bank enhanced presence in Tamil Nadu, Gujarat and Karnataka, with this, the Bank is now present in 25 states and has touched 100 branches in the Mumbai zone; an area of focus.
Besides the launch of new touch-points, Federal Bank marked its Founder’s Day with the launch many inaugural offers, new products and services for its customers, such as: Special pricing for deposits of 66 days tenor and specialised offerings on Gold loans, Home loans and bullion.
At a time when most banks in India are cautious in lending to small and medium enterprises (SMEs), fearing deterioration in credit quality, Federal Bank is focusing on this segment with caution and confidence. This move is in line with its vision of becoming the most trusted partner for the SME, retail and NRI customer segments. The Bank also has a program to develop its human resources so that they provide best-in-class service to its customers and support its scale up of operations.
Speaking on this occasion Mr. Shyam Shrinivasan, MD & CEO, Federal Bank Ltd said “On this significant & happy occasion, I would like to reinforce Federal Bank’s commitment to better serve our customers who’ve been the pillars of support for business over the years. In line with our Founder’s vision, we have a renewed focus on reaching out to customers, enhance and improve our scale of operations and provide new products and services to meet their needs. The introduction of the new touch-points and launch of new products is in line with the same vision.”
Earlier today, to celebrate its 66th year, the management of Federal Bank planted 66 saplings at a school at Mookkannoor in Ernakulam district (the birth place of the visionary founder, Shri K P Hormis) in line with the company’s commitment to a cleaner and greener environment. Mr. Srinivasan further stated “We believe that corporate India has an active role to play to contribute in improving the environment. While we follow best practices within the Bank, it is also our responsibility to contribute and help making a greener environment”.