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And the benchmark is at 37,731. September 2017 In August 2013, Federal Bank introduced FedBook, the first electronic passbook launched by any bank in India. Read all the related documents carefully before investing.
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The history of Federal Bank dates back to the pre-independence era. On 7th April 1931 at Varattisseril Tharavad, the Varattisseril Brothers gathered together to discuss the necessary steps to be taken to form a bank. It started with the business of auction-chitty and elementary banking transactions related to agriculture and industry. The home functioned as the bank office for nearly 15 years. The founders included Varattisseril Oommen Geevarghese, and his brothers Oommen Chacko, Oommen Kurian, and Oommen George. Oommen Geevarghese was the founder chairman and Oommen Chacko was the managing director. The Travancore Agriculturists' Relief Act, 1939, and the limitation of interest by the Travancore Debt Relief Act, 1941 greatly influenced the smooth functioning of bank. The terms and conditions of this particular act was supportive to the farmers and it was totally against the interest of the banks and auction-chitty operators of that time. After the bank had functioned for nearly 15 years, the bank's day-to-day operations had to be stopped due to Oommen Chacko's ill-health. A lawyer from named Kulangara Paulo Hormis , and his acquaintances, bought the shares and took over the management on 30th December 1944 and till 18th May 1945 Travancore Federal Bank Limited functioned at under his chairmanship. The bank was named Federal Bank Limited on 2 December 1949, after completing the formalities of Between 1963 and 1970, Federal Bank took over Chalakudy Public Bank est. George Union Bank est. 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 April 2015, Federal Bank posted its highest ever net profit at Rs 1005. The net profit grew 20% during the year which saw the deposits and advances of the bank outgrow that of the industry by 40%. In November 2016, Federal Bank opened its second UAE representative office in Dubai as part of a strategy to expand footprints in the region to serve its fast growing overseas clients. This section contains content that is written like. Please help by removing and inappropriate , and by adding encyclopedic content written from a. September 2017 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. In July 2015, Federal Bank introduced automated chat facility, a first of its kind by an Indian bank. The virtual agent generates personalised responses to customer queries. Bank has introduced this unique facility of based Bank Account Opening as an upgrade to FedBook, its e-Passbook App. With the new avatar of FedBook, anyone having an Card and PAN Card, can open a Savings Bank Account and get their Account Number instantly using a mobile from anywhere. Further, the account can also be funded with an initial remittance through online fund transfer up to a maximum amount of Rs. In August 2016, Federal Bank launched Lotza, the app. In April 2016, Federal Bank opened 'Launchpad', exclusive outlets for startups. The initiative is in alignment with the Start-Up India initiatives of the Government of India. These outlets offer counselling and guidance on key aspects involved in setting up of start-ups like registration, regulatory compliances, investments and accounting, Intellectual Property Protection, trading and taxation. Federal Bank is one of the very few banks to have created a Corpus exclusively for investment in Start-ups. CSR activities in Federal Bank began with the first act of cultivating banking habits in an agrarian society - to utilize idle money for productive purposes. Creating employment opportunity for a predominantly farming community was phase two. The bank approved a Policy, which ensures that Bank's activities are conducive to sustainable social welfare. Ganesh Sankaran - Executive Director.