NEWS & ADVICE : SAVINGS ACCOUNTS
Federal Bank plans to open 1000th branch this year; to recruit 1200
By Neelima Shankar
Jul 6, 2012
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The Kerala based lender, Federal Bank has announced its plan to open around 150 to 200 branches for the fiscal. The bank currently has 978 branches. The bank opened 207 branches in 2011-12.

The bank has a varied mix of workforce with 4,200 of 9,100 employees under 30 years of age, and about 3,000 employees with an experience of 30 years or aboe. The bank has announced hiring 1200-1400 employees.

Federal Bank is very active in inward remittances, and recently made a pact with Saudi based Samba Bank for remittances. Being in Kerala, which accounts for a large amount of foreign exchange flow, the bank accounts for about 7.5% of remittances for India, its FY12 inward remittances stood at Rs. 24,000 crore.

The bank benefits from the falling rupee, since during that time there is a large inflow of foreign currency, said Mr. S. Srinivasan, MD, CEO , Federal Bank. He further added that the NRE deposits are not lucrative from interest rate point of view, but are important retail (non-bulk) source of forex deposits.

 


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