Federal Bank

Federal Bank Limited is an Indian private sector, scheduled commercial bank headquartered in Aluva, Kochi.[2] The Bank also has its Representative Offices abroad at Abu Dhabi and Dubai.[3]

Not to be confused with Federal Reserve Bank.

Federal Bank Limited
TypePublic
NSE: FEDERALBNK
BSE: 500469
LSE: FEDS
IndustryBanking
Financial services
Founded
  • 23 April 1931 (1931-04-23)
    (as Travancore Federal Bank)
  • 2 December 1949 (1949-12-02)
    (as Federal Bank)
FounderK. P. Hormis [1]
HeadquartersAluva, Kochi, Kerala, India
Number of locations
1,263 branches (2020)
Key people
  • Shyam Srinivasan
    (MD & CEO)
Products
Revenue₹15,142.16 crore (US$2.1 billion) (2020)[2]
₹3,204.70 crore (US$450 million) (2020)[2]
₹1,542.78 crore (US$220 million) (2020)[2]
Total assets₹180,638.05 crore (US$25 billion) (2020)[2]
Number of employees
12,496 (2020)[2]
Capital ratio14.35% [2]
Websitewww.federalbank.co.in

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

History

The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was incorporated with an authorised capital of rupees five thousand 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.

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.

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.

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]

Sponsorships

Board of directors

Current Board of Directors[7] are:

  • Smt. Grace Elizabeth Koshie - Chairperson of the Board
  • Mr. Shyam Srinivasan - Managing Director & CEO
  • Smt. Shubhalakshmi Panse - Director
  • Mr. C Balagopal – Director
  • Mr. A P Hota – Director
  • Mr. Balakrishnan Krishnamurthy – Director
  • Mr. Siddhartha Sengupta - Director
  • Mr. CA Manoj Fadnis - Director
  • Mr. Ashutosh Khajuria - Executive Director
  • Ms. Shalini Warrier - Executive Director

See also

References
  1. "Federal Bank Founder".
  2. "Annual Report 2019-20". Retrieved 29 June 2020.
  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. "The Federal Bank Key Personnel".
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