Federal Bank Backs Kerala-based Robotics and Automation Startup ASIMOV Robotics

Federal Bank continues to pioneer technology driven innovation. Walking the talk, the bank, has a thriving team at their Digital Centre of Excellence (DCE), a young and dynamic team working at the Kerala Start-Up Mission premises to jam with the fintech ecosystem and is progressively moving ahead in the AI innovation space. The bank’s FedHive is its one stop digital command centre that enables the brand to instantly manage online reputational risks, generate new opportunities and offer enhanced customer service.

This belief in technology and the leverage it can give businesses and societies, is in line with the Digital India and Make in India initiatives. Federal Bank is actively supporting innovation in areas of healthcare, hospitality, public transport etc. In line with the thought, the bank gave tail wind to ASIMOV Robotics Pvt Ltd, a firm innovating in the robotics space, by sanctioning a loan to further their growth ambitions.

Commenting on the above, Shyam Srinivasan, MD & CEO of the bank said, “We follow our mantra ‘Digital at Fore, Human at Core’ as our lifeline. Over 230+ RPAs (robotic process automation) and 300+ APIs are helping us both increase productivity and engage meaningfully with a range of Fintech Partnerships. As a socially responsible and digitally empowered corporate, we have made inroads in supporting firms to convert their finest ideas into reality which would ultimately benefit the society at large."

The firm's robot, SAYABOT received the loan sanction order from Shyam Srinivasan, MD&CEO of the Bank in the presence of Kuriakose Conil, Senior Vice President and Zonal Head, Ernakulam Zone, M V S Murthy, Chief Marketing Officer, promoters of the firm, and other officials of the bank.

The robot demonstrated a preview of its abilities to take up everyday tasks, with deftness and dexterity. Clearly, technology is a force multiplier, in our Nation's progress. And Federal Bank continues on its journey to Serve भारत, with India’s Trust.

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1,300 banking outlets and 1,886 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.35 Lakh Crore as on 30 June, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.57% as on 30th June 2022. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE.

The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

Federal Bank Launches RuPay Signet Contactless Credit Card

Federal Bank joined hands with the National Payments Corporation of India (NPCI) to launch the ‘Federal Bank RuPay Signet Contactless Credit Card’. One of the major highlights of this card is, it comes with the lowest Annual Percentage Rate (APR) starting from just 5.88% per annum.

The Federal Bank RuPay Signet credit cardholders will gain access to a wide variety of offers and deals across categories including travel, food and dining, shopping, sports, entertainment, lifestyle and much more. With a range of exciting offers, the card is presently offered to existing customers of the Bank. The offers include Amazon Gift vouchers as welcome benefits, attractive reward points, Buy One Get One (BOGO) free offer at INOX, complimentary membership programs, complimentary Swiggy vouchers, complimentary lounge access at Domestic and International airports and much more.

Adopting a ‘Digital First’ card approach, the card is immediately made available for use in FedMobile, the Bank’s Mobile Banking application, through a 3 click process. The physical card will be delivered to the customer in due course. Specially designed for millennial customers, this card offers an interesting 3-2-1 rewards structure personalised for them. They would get 3x rewards on spends for Electronics & Apparel categories, 2x rewards on Entertainment category and 1x rewards for other categories, using the Federal Bank RuPay Signet credit card.

Commenting on the launch, Ms. Praveena Rai, COO, NPCI said, “We are excited to launch with our partner bank - the Federal Bank RuPay Signet Contactless Credit Card. This card has a significant potential to attract new-age customers as it has a complete package of benefits suiting their lifestyle backed up with an innovative cashback scheme. At NPCI, for RuPay, we continue to work towards offering a delightful and contactless shopping experience to all our customers. We also believe our association with Federal Bank will provide a wider penetration of RuPay contactless cards in the country.”

Virtually launching the card, Shalini Warrier, Executive Director & Business Head- Retail, Federal Bank said, “Federal Bank has, yet again, ensured that the mantra of “Digital at the fore, Human at the core” comes to life via this latest offering, the RuPay credit card. This card is also a symbol of our strong partnership with NPCI, an entity known for innovation in the retail payments space.”

About Federal Bank Limited

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,289 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.05 Lakh Crore as on March 31, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.62% as on 31st March 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center for Non Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

Federal Bank Records Highest Ever Operating Profit of Rs.1135 Cr (Grows by 22% Y-o-Y)

July 23, 2021, Mumbai: Federal Bank announced the Unaudited Financial Results for the quarter ended 30th June 2021. The key highlights of the results on a Y-o-Y basis are as follows:

• Operating profit grows 21.75% to reach Rs. 1135.18 Cr
• Net total income grows 15.90% to reach Rs.2068.58 Cr
• Gold Loans register growth of 53.90% to reach Rs. 15764 Cr
• Retail Advances grow 15.15% to reach Rs.43599.03 Cr

Balance Sheet

The Total Business of the Bank reached Rs. 299158.36 Cr registering Y-o-Y growth of 8.30% as on 30th June 2021. Total Deposits reached Rs. 169393.30 Cr registering Y-o-Y growth of 9.33%. Net advances grew by 6.98% Y-O-Y to reach Rs. 129765.06 Cr as on 30th June 2021.

The total Savings Bank deposit registered a growth of 18.71% to reach Rs. 49018.24 Cr as on 30th June 2021. CASA Deposits of the Bank stood at Rs. 58958.79 Cr registering a Y-o-Y growth of 18.83%. NRE Deposits of the Bank reached Rs. 66018.73 Cr registering a Y-o-Y growth of 9.53% as on 30th June 2021. NRE SB grew to reach Rs. 20010.09 Cr registering a Y-o-Y growth of 14.92%.

On the Assets side, Gold Loan registered a growth of 53.90% Y-o-Y to reach Rs. 15764.00 Cr as on 30th June 2021. Retail advances grew by 15.15% to reach Rs.43599.03 Cr as on 30th June 2021. Commercial banking advances registered a Y-o-Y growth of 10.23% to reach Rs. 12865.20 Cr. Agri advances grew by 23.71% to reach Rs.16837.24 Cr.

Operating Profit & Net Profit

The Operating Profit of the Bank as on 30th June 2021 stood at Rs. 1135.18 Cr up from Rs. 932.38 Cr. Total Income reached Rs.4005.86 Cr as on 30th June 2021. Net Profit of the Bank for the quarter ended June 2021 stood at Rs. 367.29 Cr.

Income

Net Interest Income grew 9.41% on a Y-o-Y basis from Rs.1296.44 Cr to Rs.1418.43 Cr as on 30th June 2021. Other income grew by 33.13% to reach Rs.650.15 Cr, compared to Rs.488.37 Cr as on 30th June 2020. Net total income of the Bank grew 15.90% to reach Rs.2068.58 Cr.

Key Ratios

• ROA & ROE of the Bank for the quarter stood at 0.76% and 9.03% respectively
• Net Interest Margin as on 30th June 2021 stood at 3.15%
• Cost to income ratio of the Bank has been contained at 45.12% clocking a reduction of 264 bps Y-o-Y
• EPS of the Bank on an annualized basis stands at Rs 7.38

Asset Quality

Gross NPA of the Bank as at the end of the quarter stood at Rs. 4649.33 Cr, which as a percentage of Gross Advances comes to 3.50%. Net NPA as on 30th June 2021 stood at Rs.1593.24 Cr, and Net NPA as a percentage of Net Advances is at 1.23%. The Provision Coverage Ratio (including technical write-offs) was strengthened substantially and stood at 78.66%.

NET WORTH & CAPITAL ADEQUACY

The Bank’s Net worth on a Y-o-Y basis increased from Rs.14922.82 Cr as on 30th June 2020 to Rs. 16488.53 Cr as on 30th June 2021. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 14.64% as at the end of the quarter. Book Value per share increased to Rs. 82.60 from Rs. 74.85.

Footprint

The Bank had 1272 branches and 1953 ATM/recyclers as on 30th June 2021.

WORKING RESULTS AT A GLANCE

(Rs.in Cr)

Particulars	Q1	Q1	% y-o-y growth
	2021-22	2020-21
Net Interest Income	1418.43	1296.44	🡹9.41%
Other Income	650.15	488.37	🡹33.13%
Net Total Income	2068.58	1784.81	🡹15.90%
Operating Profit	1135.18	932.38	🡹21.75%

MAJOR FINANCIAL INDICATORS (Standalone Nos)

                                                                                                                                             (Rs. in Cr)

Business Figures	As on 30.06.2021	As on 30.6.2020	Growth (%)
Total Deposits	169393.30	154937.74	🡹9.33%
CASA Deposits	58958.79	49615.50	🡹18.83%
Net Advances	129765.06	121296.96	🡹6.98%
Retail Advances	43599.03	37864.25	🡹15.15%
Bus. Banking Advances	10781.66	10138.63	🡹6.34%
Agri Advances	16837.24	13609.70	🡹23.71%
Investments	37390.94	34748.57	🡹7.60%
Capital
Equity Capital	399.26	398.75
Net Worth	16488.53	14922.82	🡹10.49%
Capital Adequacy (%)	14.64	14.17
Tier I (%)	13.87	13.01
Tier II (%)	0.77	1.17

Federal Bank’s Digital Innovations - Creating New Benchmarks for Industry

Federal Bank, guided by its philosophy of ‘Digital at the Fore, Human at the Core’ has continuously come out with highly innovative and extremely user-friendly facilities such as: FedSelfie - under which individuals can open their accounts by merely taking a selfie; Federal 24 7 - which makes possible the opening of accounts through a video call to the bank; etc.

The latest innovation in this line is “FEDDY”, an Artificial Intelligence (AI) powered Virtual Assistant. The AI is backed by state-of-the-art machine learning algorithms to help customers with banking related queries 24x7. While most similar AI powered Virtual assistants are available only on the website, FEDDY can be accessed via Alexa, Google Assistant and WhatsApp.

FEDDY is also integrated into Google Business Messaging, a first-of-its-kind feat by an Indian Bank. On Google Search, FEDDY can be accessed by clicking the ‘Message / Chat’ option available against the searched bank branch. By sending an SMS ‘FEDDY’ to 8108030845 FEDDY can be reached on WhatsApp too.

Recently, the Bank released FEDDY assisted - and therefore, easily navigable and interactive - microsite to showcase the Bank’s Annual Report for FY 21. The site has been well accepted by the shareholders and customers alike.

The link to the site is https://www.federalbank.co.in/annual-report-2020-21/

It is also worth mentioning that Federal Bank has become the 1st Bank in the country to live-stream its Annual General Meeting on social media platforms like Facebook, YouTube, Twitter and Clubhouse.

Link for AGM: https://www.youtube.com/watch?v=501BUO4GTmY

In the bank’s recently held Annual General Meeting - the theme of which was “Future of Digital is Human” - Mr. Shyam Srinivasan, MD & CEO of the Bank remarked that the Bank’s digital innovations of today are at the cusp of redefining the banking paradigm of tomorrow and that the Bank would harness technology to serve the society better.

Federal Bank Chooses Fiserv to Support Launch of Their First Independent Credit Card

Federal Bank (NSE: FEDERALBNK), a leading private sector bank in India, has chosen Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, to enable the digitization of the bank’s end-to-end card issuance and processing cycle, and support the launch of the Federal Bank credit card. The bank will also outsource associated operational processes to Fiserv.

With a strong retail and remittance business in India, Federal Bank was looking for a flexible and scalable technology and business process outsourcing (BPO) solution to support the launch and subsequent growth of its credit card business. The bank will utilize FirstVision^TM from Fiserv, an end-to-end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle. The integrated technology and BPO solution reduce cost of ownership and provide a seamless extension to the bank’s operations.

“At Federal Bank, we have a track record of deploying the best digital infrastructure to cater to our customers,” says Shalini Warrier, Executive Director and Business Head - Retail at Federal Bank. “Fiserv supports our digital priorities and expansion plans. Their world-class technology platform and extensive local experience position us to offer an enhanced digital experience to our customers.”

The service-oriented architecture and open APIs of FirstVision facilitate rapid application development, enabling new capabilities to be brought to market more quickly and at a lower cost, while helping to ensure local compliance.

For financial institutions looking for scalable and cost-effective technology and operational support as they grow, the combination of a software as a service (SaaS) solution and business process outsourcing offers a sustainable model in competitive market environments like India.

“The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments,” said Nilufer Mullanfiroze, Country Head – Deposits, Cards & Personal Loans, Retail Banking at Federal Bank. “This allows us to stay agile and focus our resources on delivering relevant solutions and excellent services to our customers as we continue to grow the business.”

“The partnership with Federal Bank reinforces our market leadership in providing locally relevant, digital-first solutions to financial institutions in India,” says Ivo Distelbrink, EVP and head of Asia Pacific at Fiserv. “Financial institutions in India are undergoing rapid digital transformation, and have further accelerated their digital agenda during the current pandemic. Fiserv stands ready to provide the right combination of digital capability, infrastructure, personnel and security to help our clients adapt, differentiate and operate more efficiently.”

In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

Payment Firm MoneyGram Partners with Federal Bank to expand Account Deposit Capabilities to Millions of Consumers in India

MoneyGram Payment Systems, Inc., a wholly owned subsidiary of MoneyGram International, Inc. , a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a partnership with The Federal Bank Limited, a leading private sector Bank in India, for a strategic partnership to offer a cost-effective direct to bank account credit option for customers in India. Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.

“Federal Bank is known throughout India as a pioneer in digitizing financial services, and we’re proud to partner with them to enable millions of people the option to receive money directly into their bank account,” said Grant Lines, MoneyGram Chief Revenue Officer. “This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home.”

According to the World Bank, India remains the world’s top recipient of remittances and is estimated to have received more than $82 billion USD in remittances in 2019. Federal Bank enjoys a market share of more than 15% of the remittance market in India, and the tie-up with MoneyGram is expected to provide a further boost to this business.

“We are pleased to announce our Rupee remittance tie-up with MoneyGram. Non-Resident Indians can now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India. At Federal Bank, we believe in “Digital at the fore, human at the core”. The tie up with MoneyGram is yet another example of how the Bank has used innovative technology to deliver a superior customer experience. Being a leading player in the remittance and Non-Resident space, we are confident that this tie-up with MoneyGram will provide huge benefits to customers” said Shalini Warrier, Executive Director of Federal Bank.

About MoneyGram International, Inc.

MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with more than 70 countries now digitally enabled.

MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.

About Federal bank

Federal Bank is a leading private sector bank with a branch network of 1,276 branches and 1,937 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits and advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

Federal Bank Deploys Mobile ATM Facility in Chennai and Mumbai for Covid relief

Federal Bank launched mobile ATM facility in Chennai and Mumbai cities. This is an initiative of the Bank aimed at helping the public fight COVID-19, by delivering banking services at their doorsteps and thus helping them stay indoors, as much as possible. Customers of any bank can withdraw cash from these ATMs free of charges. 

In the next few days, more vans will be deployed and the public will have facility to demand ATMs in their areas. The Bank is working to extend the facility to Bangalore also during the lockdown.



The facility was inaugurated in Chennai by Mr. Susil Chandra Mohanta (GM & Convenor, SLBC, Tamil Nadu), in the presence of Mr. Eqbal Manoj (Vice President and Zonal Head Chennai, Federal Bank) and Rajeev V C (Deputy Vice President and Regional Head Chennai, Federal Bank). 

The first ATM van in Mumbai was flagged off in Mumbai by Mr. Deepak Govind PA (Vice President and Zonal Head Mumbai, Federal Bank). Mr. Mahesh R (Vice President and Regional Head Mumbai, Federal Bank) and Mr. Ciyad MS (Deputy Vice President, Mumbai Zone, Federal Bank) were also present.

Donate at Hormis Memorial for Covid relief work, the CSR arm will match every donation made through this portal - www.federalbank.co.in/covid-19-donation.



About Federal Bank:

Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%.

Kerala's Federal Bank is Building Open-Source Blockchain based Remittance App

Kerala accounts for 35% of all foreign remittances that come into India and one bank that predominates in Kerala is Federal Bank, a major commercial bank in India that accounts this 35% of the remittances that come into Kerala. Seeing this, the bank is building a new cross-border remittance application on Corda, a Blockchain platform developed by consortium firm R3.

R3 (R3CEV LLC) is a distributed database technology company supported by a more than 200 firms including banks and financial institutions such as Bank of America, Merrill Lynch, HSBC, RBS and Temasek, among others.

R3's Corda, on top of which Federal bank is building its remittance app, is an active open source project that is free to use and available with an Apache 2 license. Corda's code was open-sourced in November 2016.

Bangalore-based blockchain startup DigiLedge is helping Federal bank to develop this remittance app for “faster and cheaper” remittances.

Digiledge has built an international remittance platform built on CORDA DLT platform. The platform helps banks and money exchange houses to improve the operational efficiency of international money transfer process by exploiting the properties of distributed ledger.

According to Digiledge's CEO Mahesh Govind said that Corda brings the benefits of “confidentiality and privacy of business transactions.”

Federal Bank said in a statement, “We at Federal Bank have been practicing the philosophy of ‘Digital at the fore and human at the core’ for all our operations. When it comes to serving our [non-resident Indian] clientele, we employ the best of class technology to make them feel closer to home. This platform translates into safer, faster and cheaper foreign remittances to India.”

World Bank data indicated that India was the beneficiary of about $69B in remittances, and Federal Bank is aiming to corner this lucrative market.

Source - U. Today

Federal Bank joins Unicorn India Ventures as Anchor LP for ₹600 crore Debt fund

Mumbai-based Vneture Capital fund, Unicorn India Ventures, has signed Federal Bank as anchor LP for its Rs 600 crore Venture Debt fund. Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala, having more than a thousand branches and ATMs in India.

The Bank has agreed to invest in Unicorn India’s Venture Debt fund, which is expected to announce its first close this quarter. Unicorn India Ventures launched their maiden Venture debt fund last November to meet the increasing demand for debt capital from entrepreneurial ecosystem.

Mr M Damodaran, Chairman, Unicorn India Debt Fund, says,“In Federal Bank, we have an ideal Anchor LP for our venture debt fund. We seek to establish a complete 360” relationship with our Anchor for mutual benefit."

The venture debt fund would look to invest in up to 12 startups a year with the investments likely to begin in the 3rd quarter of the financial year. The venture debt fund market over the last 2 – 3 years has seen a fast growth trajectory with large startups like Myntra, Faasos, Flipkart, Curefit, Furlenco raising sizeable debt funding rounds. Encouraged by this high demand, there is considerable interest from financial institutions, banks and family offices to invest in this asset class.

Mr Ashutosh Khajuria, ED & CFO, Federal Bank, says, “Early stage ecosystem is where the action is and over last year, there is an increasing demand from entrepreneurs to raise debt for meeting their growth milestones, which traditional lending system is unable to meet. That is why we believe, we can associate with these entrepreneurs and meet their debt needs by partnering with a like minded team which we found at Unicorn India and decided to come on-board as an anchor for their debt fund."

The debt financing market for Indian startups stands at roughly Rs 1,000 crore annually, which is currently not being serviced by the traditional banking system. But the emergence of Venture Debt funds in India, will address the gap between equity and debt financing needs of entrepreneurs and help them keep a large chunk of their equity while providing additional runway to raise bigger follow-on rounds of equity at much higher valuations.

Unicorn India Ventures is a Mumbai-based fund house with both equity and debt funds under its belt. Started in 2015 by Anil Joshi and Bhaskar Majumdar, the Fund House has recently launched a UK India cross border fund for funding UK startups looking to enter India.

Unicorn India had recently invested in Kochi, Kerala-based startup Inntot, which is a software defined radio startup marking Unicorn India’s sixth investment in Kerala-based startups as earlier in February this year, UNicorn India had invested in five startups — Genrobotics, Perfectfit and SectorQube, Bank Open and Clootrack.