Federal Bank to touch 40-branch mark in K'taka

Federal Depository Financial Institution will open up three more than subdivisions in Mysore on March 26. With this the figure of its subdivisions in the state will touch 40. The depository financial institution will also be affecting the 600-branch grade by gap 26 subdivisions in all, by gap the subdivisions across 11 states the same day.

The depository financial institution had not been able to spread out as fast as they would have got liked to since they faced troubles while trying to ran into their duties on the precedence sector focus. The depository financial institution have also had to confront some troubles in determination the work force while trying to spread out their web in Karnataka.

Federal Depository Financial Institution had seen a concern of around Rs 42,400 crore with sedimentations of over Rs 24,500 crore and progresses of over Rs 17,900 crore.

Over the last 1 year, the depository financial institution have been very aggressive, going by its standards. It have increased its retail push, for car and lodging loans.

The depository financial institution have been able to implement CBS at all its branches. From March 1, the depository financial institution have started offering life coverage merchandises at its subdivisions through its life coverage junior varsity — IDBI Fortis Life Insurance Company. The junior varsity was signed in July, 2006 between Federal Soldier Bank, IDBI and Fortis Insurance International, a European banking and coverage conglomerate.

The bank, in January, had raised over Rs 2,100 crore through a rights issue. The working capital extract have helped heighten the sum network worth of the depository financial institution to around Rs 4,000 crore, said Degree Centigrade Phosphorus John, further full general manager, Federal Soldier Bank.