Federal Bank1st, Parco Tower, PM Taj Rd, Palayam, Kozhikode, Kerala 673001, India
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The history of Federal Bank dates back to the pre-independence era. On 7th April 1931 at Pattamukkil Varattisseril Tharavad, the Pattamukkil Varattisseril Brothers gathered together to discuss the necessary steps to be taken to form a bank.
The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was incorporated with an authorised capital of ?5000 from Pattamukkil Varattisseril Brother’s at Pattamukkil Varattisseril Ancestral Home, Nedumpuram a place near Thiruvalla in Central Travancore on 24th April 1931 under the TravancoreCompany’s Act, 1916. 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 Pattamukkil 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 Perumbavoor named Kulangara Paulo Hormis (K.P 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 Nedumpuram under his chairmanship.
The bank was named Federal Bank Limited on 2 December 1949, after completing the formalities of Banking Regulation Act, 1949
Between 1963 and 1970, Federal Bank took over Chalakudy Public Bank (est. 20 July 1929 in Chalakudy), Cochin Union Bank (est. 1963) in Trichur, Alleppey Bank (est 1964; Alappuzha), St. George Union Bank (est. 1965) in Puthenpally, and Marthandam Commercial Bank (est. 1968) in Thiruvananthapuram. 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 1005.75 crore for the fiscal 2014-15. 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 Persian Gulf region to serve its fast growing overseas clients.
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 May 2015, Federal Bank and SBI Card launched Federal Bank-SBI two co-branded Visa credit cards, namely Platinum and Gold ‘N More.
In July 2015, Federal Bank introduced automated chat facility, a first of its kind by an Indian bank. Customer wanting to check the bank’s products and services can now visit its website and chat with its Virtual Relationship Officer/Agent. The virtual agent generates personalised responses to customer queries.
In August 2015, creating history, Federal Bank launched India’s first Mobile App for Bank Account Opening. Bank has introduced this unique facility of Mobile based Bank Account Opening as an upgrade to FedBook, its e-Passbook App. With the new avatar of FedBook, anyone having an Aadhaar 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. 10000.
In August 2016, Federal Bank launched Lotza, the Unified Payment Interface app.
In April 2016, Federal Bank opened ‘Launchpad’,exclusive outlets for startups. ‘Launchpad’ is a one stop facility providing a range of advisory services in addition to customized banking offerings to budding entrepreneurs who wish to set up start-up ventures in diverse sectors like Digital Financial Services, Biotechnology, Hi-Tech Farming, Healthcare, Logistics, e-Commerce/e-Markets etc. 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. ‘Launchpad’ will also provide customized banking offerings for Start-up ventures to run their business seamlessly which includes exclusive Startup Account, digitally powered Payroll accounts, payment/collection solutions and Forex services, apart from facilitating space and required infrastructure to needy startups to incubate their ideas. Federal Bank is one of the very few banks to have created a Corpus exclusively for investment in Start-ups.
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- Thursday 12:00 AM-12:00 AM
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- Sunday Closed-Closed
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