Minister inaugurates Federal Bank 518th branch

Panchkula, Dec 9: Union Minister of State for Finance Pawan Kumar Bansal today inaugurated the 518th branch of the Federal Bank here.

The Minister said banking was no longer confined to making a profit but was taking strides in the liberalised scenario and functioning as a medium of social change by its varied offerings for the common man in the changed economic order.

Federal Bank Chairman and CEO M Venugopalan said with the nation-wide network of 518 branches, the bank is now entering into the life insurance sector from April next year for which it has inked an agreement with IDBI and Fortis International.

During the ceremony, former Punjab Governor Lt Gen BKN Chhibber also inaugurated the 357 ATM of the bank.

Speaking on the occasion, Deputy General Manager (Delhi Circle) of the bank Mr Surinder Kumar Laul revealed that 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.

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.

UNI