Federal Bank

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Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kochi. The bank has 1,272 branches spread across different states in India.[2] It also has representative offices abroad in Abu Dhabi, Qatar, Kuwait, Oman, and Dubai.[3]

Federal Bank Limited
TypePublic
NSEFEDERALBNK
BSE500469
LSEFEDS
IndustryBanking
Financial services
Founded
  • 23 April 1931; 91 years ago (1931-04-23)
    (as Travancore Federal Bank) at Nedumpuram, Thiruvalla
  • 2 December 1949; 72 years ago (1949-12-02)
    (as Federal Bank)
FounderK. P. Hormis[1]
HeadquartersAluva, Kochi, Kerala, India
Number of locations
1,291 branches (2021)
Key people
Shyam Srinivasan
(MD & CEO)
Products
RevenueIncrease15,142.16 crore (US$1.9 billion) (2020)[2]
Increase 3,204.70 crore (US$400 million) (2020)[2]
Increase 1,542.78 crore (US$190 million) (2020)[2]
Total assetsIncrease201,367.39 crore (US$25 billion) (2021)[2]
Number of employees
12,592 (2021)[2]
Capital ratio14.62%[2]
Websitefederalbank.co.in

With a customer base of over 10 million,[2] including 1.5 million NRI customers and a large network of remittance partners around the world, Federal Bank handled more than 15% of India's total inward remittances of US$79 billion in 2018.[4] The bank has remittance arrangements with more than 110 Banks/Exchange Companies around the world. The bank is also listed in the Bombay Stock Exchange, National Stock Exchange of India and London Stock Exchange and has a branch in India's first International Financial Services Centre (IFSC) at the GIFT City.[5]

HistoryEdit

The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was incorporated with an authorized capital of ₹5,000 at Nedumpuram, a place near Thiruvalla in Central Travancore on 23 April 1931 under the Travancore Companies Act. It started business of auction-chitty and other banking transactions connected with agriculture and industry.

The bank name was named Federal Bank Limited on 2 December 1949, after completing the formalities of Banking Regulation Act, 1949 and it is a major Indian commercial bank in the private sector having more than thousand branches and ATMs spread across different States in India. Between 1963 and 1970, Federal Bank took over Chalakudy Public Bank (est. 20 July 1929 in Chalakudy), Cochin Union Bank (est. 1963) in Thrissur, Alleppey Bank (est. 1964; Alappuzha), St. George Union Bank (est. 1965) in Puthenpally, and Marthandam Commercial Bank (est. 1968) in Thiruvananthapuram. In 1970, Federal Bank became a scheduled commercial bank and came out with its initial public offering in 1994.

The bank became a Scheduled Commercial Bank in 1970, which also coincided with the Silver Jubilee Year, since the bank commenced its operation in Aluva and is currently the fourth largest bank in India in terms of capital base.

In January 2008, Federal Bank opened its first overseas representative office in Abu Dhabi.

In November 2016, Federal Bank opened its second UAE representative office, in Dubai.[6]

SponsorshipsEdit

Board of directorsEdit

Current Board of Directors[8] are:

  • Mr. C Balagopal –Chairman and Independent Director
  • Mr. Shyam Srinivasan - Managing Director & CEO
  • Mr. A P Hota – Director
  • Mr. Siddhartha Sengupta - Director
  • CA Manoj Fadnis - Director
  • Mr. Sudarshan Sen - Director
  • Ms. Varsha Purandare - Director
  • Mr. Sankarshan Basu - Director
  • Mr. Ramanand Mundkur - Director
  • Mr. Ashutosh Khajuria - Executive Director
  • Ms. Shalini Warrier - Executive Director

See alsoEdit

ReferencesEdit

  1. ^ "Federal Bank Founder".
  2. ^ a b c d e f g h https://www.federalbank.co.in/documents/10180/47517470/Annual+Report+FY+2020-21.pdf/5d07fd14-dddf-ca78-b59f-68c45f7858d9?t=1624183884484. {{cite web}}: Missing or empty |title= (help)
  3. ^ "Overseas Representative Office".
  4. ^ "India highest recipient of remittances at $79 bn in 2018: World Bank". The Economic Times. Press Trust of India.
  5. ^ "Federal Bank IFSC Banking Unit (IBU), GIFT City".
  6. ^ "Federal Bank to expand overseas footprints".
  7. ^ "Northeast United FC Sponsors List 2020". sportskhabri.com. 24 November 2020. Retrieved 30 January 2022.
  8. ^ "The Federal Bank Key Personnel".