Federal Bank enables 96.9 lakh digital transactions in FY22: MD & CEO

BL Kochi Bureau | | Updated on: Jul 28, 2022
Shyam Srinivasan, Managing Director and CEO, Federal Bank 

Shyam Srinivasan, Managing Director and CEO, Federal Bank 

Says the bank has moved up into the top five in terms of debit card spending among private banks

Leveraging digital as a key enabler of customer convenience, Federal Bank has disbursed ₹770 crore to customers through self-service facilities and without human intervention.

Addressing the 91st annual general meeting of shareholders, Shyam Srinivasan, Managing Director and CEO, Federal Bank said the bank’s digital assets facilitated a whopping 96.9 lakh digital transactions in FY22.

The Bank has moved up into the top five in terms of debit card spending among private banks underlining the ease of its cashless transactions, he said.

Srinivasan underlined the active interest of IFC, a member of World Bank Group in the Bank by way of investment due to the bank’s innovative ESG initiatives.

‘Great place to work’

Federal Bank has emerged as the Top 50 ‘Great Places To Work’ in India and has moved up 21 notches to be perched at 26 this year. It is an accurate example of gender and cultural diversity with 41 per cent of the workforce being women, 21 per cent of banking branches headed by women, 42 per cent of the 805 new hires last year being women, and hires were from 20 States and 200 campuses across India, he said.

“The last fiscal year has been action-packed on many fronts. But we stayed rooted in our commitment and delivered on our promises despite an arduous macro environment. Scale and agility are the two strategic pivots being hinged by the Bank to pursue its ambition of being amongst the most admired banks of the country,” he added.

C Balagopal, Chairman and Independent Director, Federal Bank pointed out that the Bank is on a journey to become the most admired banking institution, and, is focussing on providing a superior and unparalleled banking experience to customers.

In the meeting, approval of 12 other resolutions like the declaration of dividend of 90 per cent to the shareholders, raising of funds through Issuance of bonds, raising of Tier I Capital of the bank through issuance of securities, the appointment of Sankarshan Basu and Ramanand Mundkur as independent directors, re‐appointment of Shyam Srinivasan as Managing Director & Chief Executive Officer, re‐appointment of Ashutosh Khajuria as Executive Director and payment of remuneration, performance linked incentive and stock options to Shalini Warrier, Executive Director and other amendments in Memorandum of Association (MOA), etc.

Published on July 28, 2022
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