Breaking News

Federal Bank’s Subsidiary, FedServ - Launches Operations in Visakhapatnam

Vishakhapatnam, 29th August 2019: Federal Operations and Services Ltd (FedServ), a wholly owned subsidiary company of Federal Bank, formally started its operations at Visakhapatnam today by inaugurating the office here. This 18000 plus square feet office with a capacity of housing 385 employees is located in Fintech Valley in Rushikonda. The first office of FedServ was opened in Infopark, Kochi in December 2018. Visakhapatnam is a strategic choice for the second location for the Company, given the business friendly atmosphere, availability of fit for purpose space and pipeline of talent in the city. 

FedServ integrates and handles all operational activities of the parent company Federal Bank. The company will provide services including call centre operations, IT support, software development, testing and implementation, vendor management and monitoring, data entry and data analysis, channel registration and payment facilities, loan recovery support, clearing, settlement and cash management services etc. This move towards having a distinct and exclusive outfit for backend activities is in line with the practice of progressive financial institutions aimed at ensuring higher level of customer delight while reducing costs and mitigating risks.

In a function held at Fintech Valley, Mr. K V Krishna Kumar, Director, K Ramabrahmam & Sons Private Limited and Dr. A Sugandhi, Medical Director, A S Raja Voluntary Blood Bank jointly inaugurated the new facility. Mr. C Balagopal, Chairman, FedServ and Director, Federal Bank, Ms. Shalini Warrier, Non-Executive Director, FedServ and Chief Operating Officer and Business Head - Retail, Federal Bank, Mr. Johnson K Jose, President, FedServ, other executives and employees of FedServ and Federal Bank attended the event.

About FedServ:

FedServ is an unlisted public company having its registered office in Aluva, Kerala with an authorized capital of ₹20 Crores and a paid up capital of ₹5 Crores as on the date of the incorporation. Company is having 7 shareholders. However, entire beneficial ownership is held by the Federal Bank and remaining 6 shareholders are nominee shareholders. Board of FedServ consists of 4 directors including Independent Chairman who are nominated by Federal Bank. FedServ will be wholly devoted to the back end operational and technology oriented activities of Federal Bank. FedServ will provide its services only to the parent company. FedServ has an office in Infopark, Kakkanadu, Kerala and another one at Fintech Valley, Visakhapatnam.

The following are the services will be provided by FedServ to Federal Bank

1. Data entry Operations

2. Allied activities for Channel registration and payment facilities

3. Call center operations (including calls regarding collections)

4. Monitoring and follow up activities of -

Clearing, settlements and cash management

Payment channel exceptions

Branch/Channel operations through CCTV

Management of return mails

Debit Card / Credit Card printing, delivery and activation

5. Support Activities / Follow-up Activities for Branches in Loan recovery, Sales and promotional activities and Customer service

6. IT Support, Software Development, Testing and Implementation activities

7. Vendor Management and Monitoring

8. Data analysis – Support the Bank in data analysis for various purposes. Monitoring of customer behaviour based on the data provided by the bank, for business promotion.

About Federal Bank:

Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.

No comments