Friday, December 2, 2011
Federal Bank - The Private Indian Bank From Pre-Independence Era
Travancore Federal Bank was the name of Federal Bank of India when it was established in the year 1931. It was inaugurated at Nedumpuram near Tiruvalla Kerala (Tiruvalla is situated south of Kottayam). It had 14 founders with Sri Oommen Varghese as the Chairman and Sri Oommen Chacko as its Manager. It functioned successfully for 10 years and then stopped all of a sudden due to health problems of the Manager Sri Oommen Chacko. Then a Lawyer of Perumbavoor took the charge and managed it efficiently. The name of the Lawyer was K.P.Hormis. later in the year 1945 K.P. Hormis also became the Managing Director and shifted its Headquarters to Aluva. In the year 1947 the name of the bank was changed to Federal Bank. In the year 1970, it became a Scheduled Commercial Bank. After a series of mergers and acquisitions including banks at Chalakudy, Thrissur, Alleppey, Puthenpally, Thiruvananthapuram, and Kurundwad, Federal Bank became even bigger with larger financial turnovers. It is one of the largest private sector banks and the prominent one amongst the old private group of Indian banks.
Now the bank has its Headquarters at Aluva, near Kochi in Kerala. It is presently running 743 branches across 24 states in India. It now has 803 ATM's across India. Of these 803 ATM's there are 108 in Metro Centres, 224 in Urban Centres, 384 Semi-Urban and 87 in rural areas. There has been several high-profile sponsorships and other modes of advertisement including the title sponsorship of the popular Indian cricket franchisee Kochi Tuskers Kerala of the Indian Premier League or IPL. It is also the fourth largest bank right now in India in terms of capital base and is also listed in the London Stock Exchange in addition to the Indian stock markets Bombay Stock Exchange and National Stock Exchange.
ACHIEVEMENTS AND AWARDS:
The Federal bank of India has received many awards during its long journey since 1931 till now. Some of them are:
1. The banking technology Excellence Award for the year 2010-2011.
2. The Excellence Award for Second best bank among traditional private sector banks in Kerala.
3. The Great Mind Challenging Award for implementing the most innovative solution in Business.
4. Ranked number one in Economic Times Intelligence Group Survey.
The bank renders the following services:
1. Savings Bank Account.
2. Current Account.
5. Debit Cards.
6. Fund Transfer.
7. Inward Remittance.
8. Online Bill Collection.
9. Bank Guarantee.
10. cash Management.
11. Demat Accounts.
12. Federal Pure Gold.
13. Gift Accounts.
14. Mutual Fund.
15. Safe Deposit Lockers.
16. NRI Banking Services.
17. Merchant Banking.
19. Visa Bill payment.
20. Master Card Secure Code.
21. Verified By Visa (VBV).
22. Online Tax Payment.
23. Mobile Banking -FedMobile.
24. Internet banking -FedNet.
25. Corporate FedNet.
It also gives Loans for various purposes like: Business, Agriculture an Rural, Housing, Educational, Travel, Personal, Car, Medical and Home Loans.
The Bank runs from morning 9 to evening 4 from Monday to Saturday. Sunday is a holiday. The Bank is closed on Public holidays. the timings are different for its Abu Dhabi Branch which works from 9 AM to 5:30 PM and this branch also works on Sunday.
SK Mukherjee does a lot of research about banking sector in India. He also likes to discuss and write on federal bank recruitment and private bank jobs.