Federal Bank Limited Company Report

Company Overview

• Name: Federal Bank Limited

• Mission: To be one of the most admired banking institutions in India, driven by the quest for excellence and service to people, with a focus on being the FIRST CHOICE for all Indians.

• Founded: 1945

• Founder: Late Kulangara Paulo Hormis, who originally assumed control in 1945 and transformed the bank from a small single-branch entity to a nationwide institution.

• Key People: Shyam Srinivasan (MD & CEO)

• Headquarters: Aluva, Kerala, India

• Number of Employees: The total employee strength of the bank crossed 10,000 in 2012, with the current count likely being higher but unspecified.

• Revenue: No specific revenue information is available.

• Known for: Federal Bank is recognized for its digital banking innovations and emphasis on digital transformations, offering a wide range of banking products and services catering to personal, NRI, and business clients.

Products

• Products Offered:

• Various types of deposit accounts including savings, fixed, and current accounts.

• Loan products such as personal loans, home loans, car loans, gold loans, and property loans.

• Credit cards and debit cards with various features.

• NRE and NRO savings accounts for non-resident Indians.

• High-Level Description: Federal Bank offers a comprehensive suite of financial services including accounts, loans, insurance, investments, and digital banking facilities.

• Key Features of Products:

• Savings and Deposit Accounts: Digital access, competitive interest rates, multiple account variants for different customer needs.

• Loan Products: Customizable loan options with flexible repayment terms, digital loan application processes.

• Credit and Debit Cards: Contactless payment options, rewards, and cash-back offers.

• NRE/NRO Accounts: Convenient remittance and international transaction functions.

Recent Developments

• New Product Launches:

• RuPay Wave Credit Card (June 2024): Federal Bank unveiled its first UPI-Enabled Credit Card.

• Lifetime Free Credit Card Offer (April 2023): Offers zero joining and annual membership fees.

• Simplified Small Transactions: Introduced UPI Lite for effortless small-value digital payments (November 2023).

• New Features Added to Existing Products:

• Electronic Bank Guarantee (May 2023): Launched in partnership with NeSL, eliminating the need for physical documents.

• New Self-Service Platforms: ‘Fed-e-Point’ provides a one-stop portal for customers (November 2020).

• FedSmart Saver Gold Loan Scheme: Offers a 50% interest rebate for prompt payments (August 2021).

• Partnerships and Strategic Initiatives:

• Partnered with NeSL for the Electronic Bank Guarantee launch.

• Provides UPI facilities to its NRI customers, becoming the second bank in India to offer such services under specified conditions (May 2023).

This report comprehensively covers the Federal Bank Limited's foundational details, its product offerings, and recent developments within the company. For more specific financial results and additional product details, future inquiries should seek updated official disclosures or financial statements from Federal Bank Limited.