KOCHI: The Aluva-based Federal Bank has plans to enhance technological capabilities and leverage the same for aggressive business expansion and customer acquisition.
The bank on Wednesday opened its 600th branch and is in the process of launching a large number of liability and asset products taking advantage of the core banking facilities.
The bank intends to have a separate marketing wing for aggressive marketing and selling activities. Achieving a business size (deposits plus advances) exceeding Rs. 100,000 crore and a balance sheet size exceeding Rs. 80,000 crore by the end of fiscal 2012 are also on the cards. On Wednesday, the bank inaugurated 26 new branches and adopted 26 more villages under the ‘Samruddhi’ scheme for banking inclusion. By the end of 2012, the bank plans to have a network of 1,000 branches, official sources said here.
The bank’s total business crossed Rs. 42,400 crore with deposits over Rs. 24,500 crore and loans and advances over Rs. 17,900 crore. The bank will have 602 branches, 10 extension counters and 525 ATMs spread over important locations in India, supported by 13 regional offices.
The branches are working under the core banking platform, offering world class facilities to customers. Further, its international Visa debit card can be presented at all Visa ATMs and PO centres across the world, says a release.