Pursuing commercial banking activity, Federal Bank Limited has been operating through four segments viz. Retail Banking, Corporate/Wholesale Banking, Treasury and Other Banking Operations and holds a reputed position in the Indian banking industry.
The services, provided by the company include savings bank accounts, Demat accounts, current bank accounts, salary accounts, recurring deposits, gilt accounts, NRI deposit schemes etc. The company has been providing a big scheme of loans, which include gold, car, housing, property, commercial vehicle, business, agriculture. Besides that, the company is offering credit and debit cards. Loans against fixed deposits are also provided by the Bank.
The company has a strong network of 1,251 branches and 1,669 ATMs throughout the country, according to the data on the year ending of 2018-19. The company was incorporated in the year of 1931 with the name Travancore Federal Bank Limited. It is headquartered at Aluva, India.
About Company Information:
In May 1945, Travancore Federal Bank Limited inaugurated its first branch at Aluva and started banking operations. The Bank inaugurated its second branch at Angamaly in 1946. The name of the Bank was transformed from Travancore Federal Bank Limited to Federal Bank Limited in 1947. The Bank was given its license in 1959, under Sec.22 of banking Companies Act, 1949. The assets and liabilities of Chalakudy Public Bank Ltd., Cochin Union Bank Limited and Alleppey Bank Limited, were taken over by the Bank in 1964. An amalgamation procedure took place between the Federal Bank and St. George Union Bank in 1965. Same happened with the Marthandam Commercial Bank in 1968.
The Bank was recognized as a scheduled commercial bank in 1970. The Bank was authorized for dealing with the foreign exchange in 1973, and consequently, the international banking department commissioned to function from its Mumbai branch. The Bank started to expand its activities by opening 53 and 42 branches in the years of 1975 and 1976 respectively.
Due to the consolidation and centralization of its activities, the Bank shifted its international banking office to Cochin from Mumbai in 1982. Five years later the administrative building complex was opened by the Bank in the year of 1987. The Bank intervened the merchant banking operations from 1989. The ATM facility was inaugurated by the Bank for the first time in February 1997 at Ernakulam North.
The Bank commissioned their new service of 'Anywhere Banking' in 2000, at its branches in Bangalore circle. RBI-recommended Negotiated Dealing Systems were set up by the Bank successfully at its Funds & Investment Branch in Mumbai on February 2002, which enabled online trading. The Bank expanded its 'Anywhere Banking' service by developing a network of more than 300 interconnected branches in 2003.
A joint venture between the Federal Bank, IDBI Ltd & Fortis Insurance International N V took place, which resulted as the emergence of a Life Insurance Company namely, IDBI Fortis Life Insurance Company Ltd during 2006-07. In the financial year of 2007-08, the Bank opened its first officer at Abu Dhabi, which became the first gateway for the Bank to intervene the entire banking and finance market of UAE as well as the Middle East.
Seventy-one new branches, as well as 73 new ATMs, were opened by the Bank during 2010-11. It opened its thousandth branch at Kerala's Thiruvalla Muthoor. By the first quarter of 2014-15, the Bank introduced 29 new branches and 33 ATMs which amounted as 1203 branches and 1392 ATMs in totality. The Bank touched a milestone buy introducing Currency Conversion Desk and mobile ATM facility for the first time in India at the Cochin Port.
Lotza, a Unified Payments Interface was introduced by the federal Bank in August of 2016. It is an app that provides the facility of a secure transaction between accounts of the same as well as different banks.
How Federal Bank Ltd, categorised under Financial Sector and Finance - Private Banking Industry:
The Financial sector is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Federal Bank Ltd, comes under the Private Banking industry. The banking industry is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking industry in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Federal Bank Ltd, Competitors and Sector Peers:
Bank of Rajasthan Ltd.[Merged] - BANOFR
Centurion Bank of Punjab Ltd.[Merged] - CENTUB
City Union Bank Ltd. - CITUNI
Dhanlaxmi Bank Ltd. - DHABAN
IDFC First Bank Ltd. - IDFCB
IndusInd Bank Ltd. - INDUBA
ING Vysya Bank Ltd.[Merged] - INGVYS
Jammu & Kashmir Bank Ltd. - JAMKA
Karnataka Bank Ltd. - KARBAN
Karur Vysya Bank Ltd. - KARVYS
Kotak Mahindra Bank Ltd. - KOTAMA
Lakshmi Vilas Bank Ltd. - LAKVIL
South Indian Bank Ltd. - SOUINB