With the aim to expand its banking network all over the country, Federal Bank has decided to establish more branches in Maharashtra, Punjab, Gujarat and Bengal. The Executive director of the bank Mr. Abraham Chacko stated that more than half of the branches of the bank are outside Kerala.
In the last 1 year bank has added nearly 300 new branches. Earlier there were 950 new branches, now it has reached to 1,203 branches. Earlier the maximum of the growth of the bank was from the Kerala but now the deposit growth from the other areas has increased as well. In addition to the setting up of the new branches the Federal Bank is also focusing on recruiting. SMEs, Farm and retail customers.
The bank is putting its effort to establish itself as a well developed national bank. The bank is perceived as a regional bank with Kerala leading in terms of Number of deposits, rate of growth etc. The bank is also having its branches overseas.