Federal Bank enters insurance sector, new branch at Amritsar

Amritsar, Dec 8 (UNI) Federal Bank Ltd, having a nation-wide network of 516 branches, is now entering into the life insurance sector for which it has inked an agreement with IDBI and Fortis International.

Mr M Venugpalan, Chairman and CEO of the Bank today told media persons here after inaugurating the 517th branch of the bank in this City.

The branch, the second of the Kerala-based Bank in this border state of Punjab was inaugurated by Governor of Kerala Raghunanadan Lal Bhatia in the presence of Punjab Vyapar Mandal president Amrit Lal Jain, Piara Lal Seth president Amritsar Citizen Council and other digniteries. The 356 ATM of the bank was also opened today.

Speaking on the occasion, Deputy General Manager of the Bank Mr Surinder Kumar Laul revealed that as per RBI directives, the Bank has recently launched a programme Samrudhi with an objective of extending total banking services to all the families of select Gram Panchayats.

The bank has the distinction of being one of the first banks in the country to deploy most of the technology-enabled services and branches in the rural and semi-urban areas, Mr Laul said.

He added that to improve its business, the bank is in process of shifting its entire operation to core banking solutions.

Mr Laul also disclosed that the bank, having headquarters at Federal Tower Aluva in Kerala, enjoys a strong patronage of Non Resident Indians and has remittance arrangements from anywhere in the world.

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