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Federal Bank Extends Solidarity Support to Indian Armed Forces

In token of the respect and regard for the armed forces of the nation and their families, Federal Bank has today launched two unique schemes for their welfare. From the academic year 2019-20 onwards, children of armed forces personnel who gave up their life for the nation will receive scholarship up to ₹ 1 Lakh per year for pursuing higher studies. Students who have secured admission under merit in Government, aided and self-financing colleges for MBBS, Engineering, BSc Nursing, BSc Agriculture including BSc (Hons) Co-operation & Banking with Agriculture Sciences conducted by Agriculture Universities and MBA will be eligible to apply for scholarships under the scheme. In addition to the scholarships given by the Bank to 100 meritorious students in general category, a standing quota of 25 scholarships has been created for the benefit of the dependent children of armed forces.

Furthermore, in honor of the armed forces, the Bank has decided to make a contribution out of its own sources to Armed Forces Welfare Fund as below. The Bank will contribute an amount equal to the number of online transactions done by the Bank’s customers in the month of March 2019 to Army Welfare Fund. With a considerable number of transactions in the Bank happening online and a fast growing client base, the Bank expects that the contribution envisioned will be sizeable.

 About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,696 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.03 Lakh Crore as at March 31, 2018 and it has earned a net profit of ₹ 878.85 Crore for FY18. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.70%. 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.



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