03:55 Jul 29, 2014  

Federal Bank Ltd

HSL Code: FEDBAN   |   BSE Code: 500469  |   NSE Symbol: FEDERALBNK  |   ISIN: INE171A01029
119.55
1.30(1.10%)
28 Jul 2014 | 16:00
Prev Close (Rs.)
118.25
Open (Rs.)
119.70
High (Rs.)
120.35
Low (Rs.)
117.80
Volume
1,83,115
Week Avg. Volume
6,85,466
52Wk High - Low Range
44.25
136
 
 
Federal Bank Ltd is engaged in the banking business. The Bank operates in four segments: treasury operations, wholesale banking, retail banking and other banking operations. Treasury operations include investment and trading in securities, shares and debentures. The Bank`s products and services include working capital, term finance, trade finance, specialized corporate finance products, structured finance, foreign exchange, syndication services and electronic banking requirements. Federal Bank Ltd was incorporated on April 28, 1931 with the name Travancore Federal Bank Ltd. The company was established with an authorized capital of rupees five thousand at Nedumpuram, a place near Tiruvalla in Central Travancore under the Travancore Company`s Act. The Bank was founded by K.P.Hormis. They started business of auction -chitty and other banking transactions connected with agriculture and industry. In May 18, 1945, the registered office of the Bank was shifted to Aluva. They opened their first branch at Aluva and commenced operations. In the year 1946, they opened their second branch at Angamally. In March 24, 1947, the name of the Bank was changed to Federal Bank Ltd. In April 1947, they opened their third branch of the Bank was at Perumbavoor. In July 11, 1959, the Bank was licensed under Sec.22 of the Banking Companies Act, 1949. The Bank floated several kuries one after another. They also introduced several new deposit schemes during the same period. In the year 1964, the Bank took over the assets and liabilities of the Chalakudy Public Bank Ltd, The Cochin Union Bank Ltd and The Alleppey Bank Ltd. In the year 1965, the St.George Union Bank Ltd was amalgamated merged with the Bank. In the year 1968, The Marthandom Commercial Bank Ltd was amalgamated with the Bank. In the year 1970, the Bank became a Scheduled Commercial Bank. In the year 1973, the Bank became an Authorized Dealer in Foreign Exchange and the International Banking Department of the bank was started functioning from Mumbai. In the year 1975, the Bank opened 53 branches. In the year 1976, they opened 42 branches. In the year 1982, the Bank shifted the International Banking Department to Cochin as part of consolidation and centralization of activities. As part of the organization redesigning recommended by National Institute of Bank Management (NIBM), the Agricultural Finance Department was set up in head office in November 1984. In July 1985, the Bank set up Personnel and Industrial Relations Department. Also, they installed the first Advanced Ledger Posting Machine (ALPM-a Wipro banker) at Br.Aluva-Bank Junction branch. In the year 1987, they inaugurated the administrative building complex. In the year 1989, the Bank entered into the Merchant Banking Operations. In March 1994, the Bank came out with the public issue. In February 17, 1997, the bank inaugurated their first ATM at Eranakulam North. In the year 2000, the Bank started their Any Where Banking (ABB) at Bangalore connecting all branches located in the Bangalore metro. They launched Depository Services in association with NSDL. Also, they commenced Internet Banking under the name of "FedNet" with software support from Infosys Technologies Ltd. They entered into marketing pacts with some commercial agencies for their E-commerce business. In the year 2001, the bank made a tie up with Escotel Communications to launch mobile banking services using SMS technology. Also, they launched a new deposit scheme christened as "Suraksha" for senior citizens. The bank became a member of INFINET, the financial network supported by RBI. In February 2002, they set up full-fledged systems for the RBI`s Negotiated Dealing Systems (NDS) at the Funds & Investment Branch in Mumbai, enabling online trading in securities. In the year 2003, the Bank unveiled the Anywhere Banking that provided the convenience of doing transactions from 300-plus interconnected branches. In the year 2004, the Bank obtained the level of 100% interconnectivity among all their branches. Also, they launched an Equity Subscription Scheme, a new retail product for financing the IPOs and public issue applications of their own customers. The Bank joined hands with ICICI Prudential Life Insurance Company Ltd for premium collection through their branches and introduced new Fed e-Pay services. In the year 2005, JRG Securities Ltd forged an alliance with the Bank for providing loans for subscribing to initial public offers (IPOs). The bank emerged as the first bank in India to offer Real Time Gross Settlement (RTGS) across all of their branches. In September 2, 2006, Ganesh Bank was amalgamated with the Bank and the 32 branches of erstwhile Ganesh Bank of Kurundwad Ltd were successfully integrated to bank`s network. During the period of 2006-07, the Bank entered into a joint venture agreement with IDBI Ltd & Fortis Insurance International N V for incorporating a Life Insurance Company under the name of IDBI Fortis Life Insurance Company Ltd. During the year 2007-08, the Bank opened their Representative office at Abu Dhabi, Capital of UAE for the gateway of the bank to the whole of Middle East and also as an interface between their existing customers of GCC countries and its Branches /Offices in India. In March 2008, the Bank`s joint venture life insurance company, IDBI Fortis Life Insurance Company Ltd commenced their operation. During the year 2009-10, the Bank opened 60 new branches and 115 new ATM centres. During the year 2010-11, they opened 71 new branches and 73 new ATMs. As on March 31, 2011, the total number of branches and ATMs of the Bank increased to 743 and 805 respectively, as against 672 and 732 in the last financial year. As of March 31, 2011, the Bank had two A category branches and 78 branches designated as B category for handling the foreign exchange business.
 
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