Federal Bank

Last updated

Federal Bank Limited
Company type Public
NSE:  FEDERALBNK
BSE:  500469
LSE:  FEDS
Industry Banking
Financial services
Founded
  • 23 April 1931;93 years ago (1931-04-23)
    (as Travancore Federal Bank) at Nedumpuram, Thiruvalla
  • 2 December 1949;74 years ago (1949-12-02)
    (as Federal Bank)
Founder K. P. Hormis [1]
Headquarters Aluva, Kochi, Kerala, India
Number of locations
1,518 branches (2024)
Key people
KVS Manian
(MD & CEO)
Products
RevenueIncrease2.svg25,267.53 crore (US$3.0 billion) (FY24) [2]
Increase2.svg5,174.48 crore (US$620 million) [2]  (FY24)
Increase2.svg3,720.60 crore (US$450 million) (FY24) [2]
Total assets Increase2.svg308,311.80 crore (US$37 billion) (FY24) [2]
Number of employees
15,200+ [2]
Capital ratio 16.13% [2]
Website federalbank.co.in

Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kerala. [3] The Bank has 1518+ banking outlets and, 2042+ ATMs/ CDMS spread across different states in India and overseas representative offices at Abu Dhabi and Dubai. [2]

Contents

With a customer base of over 18.5 million, [2] and a large network of remittance partners around the world, Federal Bank handles more than one fifth of India's total inward remittances, approximately. The bank has remittance arrangements with more than 110 Banks/Exchange Companies around the world. [4] 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]

History

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. [6]

The bank was named Federal Bank Limited on 2 December 1949, after completing the formalities of Banking Regulation Act, 1949. It is considered as one of the major Indian commercial banks 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. The bank launched its initial public offering in 1994. [7] 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. [8] [9]

Subsidiary Companies

Associate Companies

Board of Directors

Current Board of Directors [18] are:

Corporate Social Responsibility

Federal Bank has instituted a public charitable trust by name Federal Bank Hormis Memorial Foundation [19] to perpetuate the fond memory of late K. P. Hormis, the founder of the Bank. The Trust is striving hard to inculcate in people better knowledge and awareness in the field of banking through training programmes, focused seminars, awards and so on. The trust and its activities were inaugurated by the then Union Finance Minister Shri. P. Chidambaram at Ernakulam on 18.10.1996.

For Federal Bank, Corporate Social Responsibility (CSR) has been an inherited and inbuilt element of its culture from the day the Bank was founded. The Founder's values and ethos based on trust got embedded in the Bank's policies and principles which reflect on its day-to-day business. CSR in Federal Bank began with the first act of cultivating banking habits in an agrarian society - to effectively utilize idle money for productive purposes.

In October 2023, Federal Bank Hormis Memorial Foundation, News 18 Network, and Tata Trusts unveiled ‘Sanjeevani- United against Cancer’. [21] ‘Sanjeevani’ mission is to build awareness, encourage screening and testing for Cancer. Through this initiative, the Bank aims to raise awareness of the prevention of cancer, helping individuals fight the social stigma associated with the disease and the hesitation to opt for early detection and diagnosis.

In April 2021, News18 and Federal Bank Hormis Memorial Foundation partnered to uplift societal health through its reach across the country through 'Sanjeevani – A Shot Of Life', [22] India's largest private vaccination drive to boost COVID-19 vaccine awareness. The Bank led the campaign across 1000 villages of 5 districts of 5 different states touching more than 24 Lakh lives. [23]

Recent Awards and Recognition

See also

Related Research Articles

<span class="mw-page-title-main">State Bank of India</span> Indian public sector bank

State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market. It is also the tenth largest employer in India with nearly 250,000 employees. In 2024, the company’s seat in Forbes Global 2000 was 55.

<span class="mw-page-title-main">BNP Paribas</span> French multinational banking and financial services company

BNP Paribas is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial institutions, Banque Nationale de Paris (BNP) and Paribas. It also incorporates many other major institutions through successive acquisitions, including Fortis Bank in Belgium, Direkt Anlage Bank in Germany, Banca Nazionale del Lavoro in Italy, Banque Générale du Luxembourg in Luxembourg, and Türk Ekonomi Bankası in Turkey. The group has also been present in the United States through its subsidiaries Bank of the West until 2023 and First Hawaiian Bank until 2019. With 190,000 employees, the bank is organized into three major business areas: Commercial, Personal Banking & Services (CPBS); Investment & Protection Services (IPS); and Corporate & Institutional Banking (CIB).

<span class="mw-page-title-main">BNP Paribas Fortis</span> International bank based in Belgium

BNP Paribas Fortis is an international bank based in Belgium and a subsidiary of French banking group BNP Paribas. The bank was created in May 2009 after BNP Paribas acquired 75% of the Belgian Fortis Bank from the Federal Participation and Investment Company. It was formerly, together with Fortis Bank Nederland, the banking arm of the financial institution Fortis. After the ultimately unsuccessful ABN-AMRO takeover, the subprime crisis and subsequent global financial crisis (GFC) led to the sale of the Dutch and Luxembourg parts of the banking branch to the Dutch and Luxembourg governments. Fortis Bank itself was first partly bought by the Belgian government, then fully purchased by the government and sold to BNP Paribas.

The IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to industrial sector. In 2005, the institution was merged with its subsidiary commercial division, IDBI Bank, and was categorised as "Other Development Finance Institution" category. Later in March 2019, Government of India asked LIC to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. Consequent upon LIC acquiring 51% of the total paid-up equity share capital, the bank was categorised as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with effect from 21 January 2019. IDBI was put under Prompt Corrective Action of the Reserve Bank of India and on 10 March 2021 IDBI came out of the same. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated 17 December 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited. Presently, IDBI Bank is one of the largest Commercial Banks in India.

<span class="mw-page-title-main">Rizal Commercial Banking Corporation</span> Bank in the Philippines

The Rizal Commercial Banking Corporation, commonly known as RCBC, is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is currently headquartered at RCBC Plaza in Makati, Metro Manila.

Muthusamy Balachandran is an Indian banker who served as the chairman and managing director (CMD) of Bank of India from June 2005 to April 2007. Before his appointment as the CMD of Bank of India, he was the executive director of the same bank. He also served as chairman of board of National Payment Corporation of India Limited before steeping down in 2017.

HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.

IndusInd Bank Limited is an Indian financial services headquartered in Mumbai, Maharashtra. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

<span class="mw-page-title-main">Ageas</span> Belgian-listed international insurance Group

Ageas is a Belgian multinational insurance company co-headquartered in Brussels. Ageas is Belgium's largest insurer and operates in 13 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010.

Environmental, social, and governance (ESG) is shorthand for an investing principle that prioritizes environmental issues, social issues, and corporate governance. Investing with ESG considerations is sometimes referred to as responsible investing or, in more proactive cases, impact investing.

Religare Enterprises Limited (REL) is an Indian investment and financial services holding company, headquartered in New Delhi. REL is listed on National Stock Exchange of India and Bombay Stock Exchange. It is registered with the Reserve Bank of India (RBI).

<span class="mw-page-title-main">Shyam Srinivasan</span> Banker

Shyam Srinivasan is an Indian banker and former Managing Director & Chief Executive Officer of Federal Bank, a major private commercial bank in India.

<span class="mw-page-title-main">RBL Bank</span> Indian bank

RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private sector bank founded in 1943 and headquartered in Mumbai. It offers services across five verticals: corporate banking, commercial banking, branch banking and retail liabilities, retail assets, and treasury and financial markets operations.

<span class="mw-page-title-main">Edelweiss Group</span> Indian investment and financial services company

Edelweiss Group is an investment and financial services company based in Mumbai. It was co-founded by Rashesh Shah and Venkat Ramaswamy.

<span class="mw-page-title-main">Bhutan National Bank</span> Commercial bank in Bhutan

Bhutan National Bank is a commercial bank founded in 1997 and located in Thimphu, capital of the Kingdom of Bhutan.

bKash Mobile money transfer service

bKash is a mobile financial service (MFS) in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank PLC. This mobile financial service company started as a joint venture between BRAC Bank Limited, and Money in Motion LLC.

Kulangara Paulo Hormis was an Indian banker and lawyer, who bought the shares and rechristened Federal Bank Limited.

<span class="mw-page-title-main">IDFC First Bank</span> Indian private sector bank

IDFC First Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, which was an Indian non-bank financial institution.

The environmental policy of the Joe Biden administration includes a series of laws, regulations, and programs introduced by United States President Joe Biden since he took office in January 2021. Many of the actions taken by the Biden administration reversed the policies of his predecessor, Donald Trump. Biden's climate change policy focuses on reducing greenhouse gas emissions, similar to the efforts taken by the Obama administration. Biden promised to end and reverse deforestation and land degradation by 2030. The main climate target of the Biden administration is to reduce greenhouse gas emissions by the United States to net zero by 2050. A climate team was created to lead the effort.

References

  1. "Federal Bank Founder". Federal Bank. Archived from the original on 26 March 2023. Retrieved 2 September 2023.
  2. 1 2 3 4 5 6 7 8 "Annual Report 2022-23".
  3. "Groww in talks with Federal Bank for neo-banking vertical".
  4. "Federal Bank installs 100 KWp solar plant at Aluva office". adda247.com. 24 February 2023. Retrieved 2 September 2023.
  5. "Federal Bank IFSC Banking Unit (IBU), GIFT City".[ permanent dead link ]
  6. Joseph, Kalarickal P. (2005). Hormis: Legend of a Great Banker with Passion for Development : Biography of K.P. Hormis, Founder of Federal Bank. D.C. Books. ISBN   978-81-264-1117-7.
  7. "Federal Bank's first IPO".
  8. "Dubai Rep Office". 14 November 2016.
  9. "Federal Bank to expand overseas footprints".
  10. "Fed Serv:We aim for quality because only perfect quality can give perfect satisfaction." www.fedserv.co.in. Retrieved 9 January 2024.
  11. "Fedserv". The Hindu. 29 August 2019.
  12. "Fedfina – Financial Institution for Gold loan, Home loans, Business & LAP online". fedfina.com. Retrieved 9 January 2024.
  13. "FedFina".
  14. "Ageas Federal Life Insurance – Life Insurance Plans in India". www.ageasfederal.com. Retrieved 9 January 2024.
  15. "Ageas Federal".
  16. "Equirus Capital | Best Financial Services in India". www.equirus.com. Retrieved 9 January 2024.
  17. Mishra, Lalatendu (13 February 2021). "Equirus Capital". The Hindu.
  18. "The Federal Bank Key Personnel". Archived from the original on 3 October 2015. Retrieved 5 November 2014.
  19. 1 2 "Fedbank Hormis Memorial Foundation | Federal Bank | India". www.federalbank.co.in. Retrieved 9 January 2024.
  20. "Sanjeevani – United against Cancer". www.federalbank.co.in. Retrieved 9 January 2024.
  21. "Sanjeevani 2023". 27 September 2023.
  22. "Sanjeevani" . Retrieved 9 January 2024.
  23. "Sanjeevani 2021". 7 April 2021.
  24. "Press Release" . Retrieved 9 January 2024.
  25. "Federal Skill Academy".
  26. "Speak for India Edition 2023-24". speakforindia.com. Retrieved 9 January 2024.
  27. "Speak For India". The Times of India. 27 March 2023.
  28. Bureau, BL Kochi (19 October 2023). "Federal Bank backs Mookkannoor to become India's cleanest pin-code on Founders' day". BusinessLine. Retrieved 9 January 2024.{{cite web}}: |last= has generic name (help)
  29. "Mookkannoor Mission". The Hindu. 18 October 2023.
  30. "ESG Champions of India 2024". www.dnb.co.in. Retrieved 17 April 2024.
  31. "IBA Award 2022-23". www.iba.org.in. Retrieved 17 April 2024.
  32. "IBA Award 2022-23". www.businesstoday.in. Retrieved 17 April 2024.
  33. "Bank of the Year Awards 2023 — Asia-Pacific". www.thebanker.com. Retrieved 9 January 2024.
  34. "IFC Announces Top Financial Institutions for Climate Reporting in 2023". IFC. Retrieved 9 January 2024.
  35. "GPTW 2023". The Week .
  36. "IGBC Green New Buildings" . Retrieved 9 January 2024.
  37. "ICAI 2023".
  38. "IFC 2023".