Travancore Federal Bank
 |
|
|
Formerly called
|
Travancore Federal Bank Changed as Federal Bank on December 2, 1949 |
|---|---|
| Private | |
| Traded as | : FEDERALBNK : : |
| Industry | Banking and Allied industries |
| Predecessor | Travancore Federal Bank |
| Successor | Federal Bank |
| Founded |
|
| Founder |
|
| Headquarters | Federal Towers, Aluva, Kochi - 683 101, Kerala, India. |
|
Area served
|
India |
|
Key people
|
Shyam Srinivasan (Managing Director & CEO) |
| Products | Loans, Savings Accounts, Current Accounts, Credit Cards, Debit Cards, Payment Gateway etc. |
| Revenue |
 ₹77.4 billion (US$1.2 billion) (2016) |
| Website | www.federalbank.co.in |
The Federal Bank Limited is a major private sector commercial bank headquartered at Aluva, Kochi, Kerala. As on 31 March 2016, Federal Bank has 1252 branches and 1680 ATMs across the country. Its balance-sheet stood at Rs. 1.37 trillion as of end March 2016 and its Net Profit stood at Rs. 475 crore for the fiscal year.
The history of Federal Bank dates back to the pre-independence era. On 7th April 1931 at Pattamukkil Varattisseril Tharavad, the Pattamukkil Varattisseril Brothers gathered together to discuss the necessary steps to be taken to form a bank.
The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was incorporated with an authorised capital of ₹5000 from Pattamukkil Varattisseril Brother’s at Pattamukkil Varattisseril Ancestral Home, Nedumpuram a place near Thiruvalla in Central Travancore on 24th April 1931 under the Travancore Company's Act, 1916. It started with the business of auction-chitty and elementary banking transactions related to agriculture and industry. The home functioned as the bank office for nearly 15 years.
The founders included Pattamukkil Varattisseril Oommen Geevarghese, and his brothers Oommen Chacko, Oommen Kurian, and Oommen George. Oommen Geevarghese was the founder chairman and Oommen Chacko was the managing director. The Travancore Agriculturists' Relief Act, 1939, and the limitation of interest by the Travancore Debt Relief Act, 1941 greatly influenced the smooth functioning of bank. The terms and conditions of this particular act was supportive to the farmers and it was totally against the interest of the banks and auction-chitty operators of that time. After the bank had functioned for nearly 15 years, the bank's day-to-day operations had to be stopped due to Oommen Chacko's ill-health.
A lawyer from Perumbavoor named Kulangara Paulo Hormis (K. P. Hormis), and his acquaintances, bought the shares and took over the management on 30th December 1944 and till 18th May 1945 Travancore Federal Bank Limited functioned at Nedumpuram under his chairmanship.
The bank's name was shortened from Travancore Federal Bank Limited to Federal Bank Limited on 2 December 1949, after completing the formalities of Banking Regulation Act, 1949
...
Wikipedia