Chennai: May 10, 2018: Federal Bank has adopted Nilavarapatti village of Salem district in Tamil Nadu for digitalization under CSR program of the Bank. Federal Bank which is the only Bank in the village has started a massive drive for opening of accounts of all the households in the village with a population over 5000.
To increase the financial literacy and educate villagers about banking, Federal Bank recently conducted a digital banking awareness seminar. Several other activities for popularizing digital banking facilities to the villagers have been initiated by the Bank.
As part of the adoption, the Bank will provide various amenities like bus shelters, LED street lights and toilets to improve and support the current infrastructure of the village. To give a boost to the current education system in the village, Federal Bank plans to introduce computer lab and smart classroom to government school in the village. To encourage the children in education, health and hygiene, Federal Bank plans scholarships to students, free hot-spot, free medical camp and drinking water facilities at affordable cost. To support economically backward communities, Federal Bank will give financial support as well. The agrarian village, also a hub for mosquito net manufacturing, presently has an elementary school and a high school in the 4 sq km which it covers.
“This is our way of giving back to the society. With adopting Nilavarapatti village, we would like to introduce basic amenities to the villagers which may help them for a better livelihood”, said Mr. Varghese A O (Federal Bank Deputy Vice President and Salem Regional Head). He added, “Our special focus will always be towards overall development of children, who are future of our society; it is our responsibility to provide them with good education and health facilities.”
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,679 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.85 Lakh Crore as at December 31, 2017 and it has earned a net profit of Rs 733.86 Crore for the three quarters ended December 31, 2017. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 14.41% at the end of December 31, 2017. 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. During FY 17 the bank handled around 15% of the total personal inward remittance to India.