Federal Bank

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Not to be confused with Federal Reserve Bank.
Federal Bank Limited
Type Private
Traded as NSEFEDERALBNK
BSE500469
LSEFEDS
Industry Banking and allied industries
Founded Kochi, 1945
Headquarters Federal Towers,
Aluva, Kochi - 683 101,
Kerala, India.
Area served Republic of India
Key people Shyam Srinivasan (Managing Director & CEO), Prof Abraham Koshy (Chairman)
Products Loans, Savings, etc.
Revenue Increase INR69.4 billion (US$1.2 billion) (2014)
Website www.federalbank.co.in

Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. It is the fourth largest bank in India in terms of capital base. As of 30 June 2014, Federal Bank has 1203 branches spread across 24 states and 1392 ATMs across the country. Its balance-sheet stood at Rs 1.03 trillion as of end March 2014 and its net profit stood at Rs 839 crore for the full fiscal year.

History[edit]

In 1931, Travancore Federal Bank began operations at Pattamukkil Varattisseril house near Nedumpuram, near Thiruvalla, Kerala. The home functioned as the bank office for nearly 15 years. The 14 founders included Pattamukkil Varattisseril Oommen Varghese, his brothers Oommen Chacko, Oommen Kurian, and Oommen George, and Kavumbhagam Mundapallil Lukose. Oommen Varghese was the chairman and Oommen Chacko was the manager. After the bank had functioned for nearly 10 years, the bank's day-to-day operations had to be stopped due to Oomen Chacko's ill-health.

A lawyer from Perumbavoor named K.P.Hormis, and his acquaintances, bought the bank and took over the management. In 1945 they moved the bank's registered office to Aluva and Hormis became the Managing Director. In 1947, the bank's name was shortened from Travancore Federal Bank to Federal Bank.

Between 1963 and 1970, Federal Bank took over Chalakudy Public Bank (est. 20 July 1929 in Chalakudy), Cochin Union Bank (est. 1963) in Trichur, 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.

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

In August 2013 Federal Bank introduced FedBook, the first electronic passbook launched by any bank in India. FedBook is a mobile app through which customers can view their passbook details.

Sponsorships[edit]

Federal Bank was the principal sponsor of Kochi Tuskers Kerala .[1] The tickets for KTK's home matches were sold through Federal bank branches and their website. Federal Bank was the perfect banking partner of Micromax ODI Cricket Series 2012 played between India and Sri Lanka in July–August, 2012. See also

Linking of Aadhaar

As Government of India has decided to introduce 'Direct Cash Transfer' (DCT) of various welfare schemes directly to beneficiaries' bank account which is linked with Aadhaar Number w.e.f. 1 January 2013, Federal Bank customers can link their Aadhaar account.

Awards[edit]

References[edit]

  1. ^ http://expressbuzz.com/cities/kochi/federal-bank-is-kochi-ipl%E2%80%99s-principal-sponsor/258024.html

External links[edit]