Federal Bank Archives - Media Bulletins Today News Bulletin in English

News

Federal Bank Launches NPS Vatsalya

Sep 27, 2024 by Mansi Praharaj 0 Comments #Federal Bank, #NPS Vatsalya

Chennai 27th September 2024: Federal Bank is excited to announce the launch of NPS Vatsalya, a pioneering initiative under the National Pension System (NPS) specifically for minors. Launched by the Government of India on September 18, 2024, NPS Vatsalya aims to provide a secure and flexible retirement planning solution for children, ensuring long-term wealth accumulation through the power of compounding. With a minimum annual contribution of just Rs. 1,000, this scheme is accessible to families from all economic backgrounds, promoting financial inclusion and early financial planning.

“NPS Vatsalya is a significant step towards securing the financial future of our children. By starting early, we can ensure that they have a robust financial foundation,” said P V Joy, SVP & Country Head – Deposits, Wealth & Bancassurance of Federal Bank. “We are glad to bring this initiative to the citizens of the country, as it is launched by the Government to promote long-term financial planning and security for all.”

NPS Vatsalya offers flexible investment options, allowing guardians to choose between active and auto investment choices across various asset classes. Managed by reputable fund managers registered with the Pension Fund Regulatory and Development Authority (PFRDA), the scheme ensures expert handling of investments. Additionally, subscribers can benefit from tax deductions under Section 80 CCD (1) and Section 80 CCD (1B) of the Income Tax Act, making it a tax-efficient investment option. For more information, visit Federal Bank’s NPS page.

How to Apply: Interested individuals can apply for NPS Vatsalya by visiting any of the designated Federal Bank branches or through the Bank’s online platform. Upon application, subscribers will receive a unique Permanent Retirement Account Number (PRAN) for all future transactions.

Business

Federal Bank and Tata AIA Life Insurance Announce Strategic Bancassurance Partnership

May 31, 2024 by Sujata Muguda 0 Comments #A prominent private sector bank in India, #Bancassurance Partnership, #Chennai, #Federal Bank, #India’s leading life insurance companies, #Ramesh Viswanathan, #Shalini Warrier, #Tata AIA, #Tata AIA Life Insurance, #Tata AIA Life Insurance Co Ltd

Chennai, May 31, 2024: Federal Bank, a prominent private sector bank in India, announced a Bancassurance tie-up with Tata AIA Life Insurance Co Ltd, one of India’s leading life insurance companies. This strategic alliance aims to provide Federal Bank’s customers, access to Tata AIA Life’s comprehensive insurance product suite.

Picture- Federal Bank partnership with TATA AIA Life Insurance

Federal Bank has an extensive network, which will enable Tata AIA to further strengthen its footprint. Both the entities focus on technology enabled, consumer centric business model, adding to the synergies of the partnership.

For Federal Bank customers, the partnership will enable them to benefit from Tata AIA’s diverse, consumer centric life insurance solutions, including term insurance, savings and wealth creation plans, retirement, and pension solutions etc. Further, they can avail Tata AIA’s innovative plans such as Param Rakshak that offer triple benefits of high life cover, market linked returns and health & wellness benefits. The solutions are backed by Tata AIA’s empathy led; tech enabled service experience powered by best-in-class technology solutions.

Shalini Warrier, Executive Director, Federal Bank said – We are pleased to announce a strategic Corporate Agency Bancassurance partnership with TATA AIA Life Insurance Company. This partnership aims to bring the best of insurance products to our valued customers. It is a well-known fact that the penetration of insurance amongst Indian consumers is low, and through this partnership, the Bank aims to enhance financial security and wealth management for our customers. The coming together of these two revered brands reflects our commitment to always exceeding customer expectations.

Ramesh Viswanathan, Chief Distribution Officer- Bancassurance, Tata AIA Life Insurance, said, “At Tata AIA, our endeavour is to partner our consumers, giving them access to best-in-class life insurance solutions, backed by empathy led service experience, to enable them to live a fikar-free life. We are delighted to enter a long-term relationship with a reputed and technology savvy bank like Federal Bank. This association will enable us to offer our diverse insurance solutions to the bank’s customers, empowering them to fulfil their aspirations and secure their loved ones across all stages of life.”

Business

RBI Monetary Policy – Quote by Harsh Dugar – Executive Director, Federal Bank

Feb 8, 2024 by Sujata Muguda 0 Comments #Federal Bank, #Harsh Dugar, #Key Fact Statement (KFS), #MSME, #RBI monetary policy, #Standing Deposit Facility (SDF)

Mr. Harsh Dugar

The MPC announcement of maintaining the policy Repo rate, Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) at existing level was on expected lines and also to remain focused on withdrawal of accommodation for inflation targeting.

Domestic economic activity remains strong and resilient with agriculture activity holding up, industrial activity gaining momentum and services sector showing robust expansion. This has resulted in pickup in private corporate investment and also aided by government thrust in public sector capital investment and capacity enhancement. This would aid growth in credit demand in the forthcoming years with both increase in level of activity for working capital and term loans for capex funding.

Apart from other announcements the introduction of Key Fact Statement (KFS) for MSME borrowers would go a long way in ensuring transparency, simplicity and uniformity.

Business

Federal Bank’s net profit grows 29 percent

Jan 26, 2022 by Praveen 0 Comments #Federal Bank, #profit grows 29%

Federal Bank announced Unaudited Financial Results for the quarter ended 31^st December 2021. Major highlights of the results on a Y-o-Y basis are as follows:

Ø Total advances grew by 12% YoY

Ø Market share in Personal Inward remittance business at 19.23%

Ø CASA grew by 15% YoY, CASA ratio at an all-time high of 36.68%

Ø Total business grew by 10% YoY

Ø GNPA @ 3.06% & NNPA @ 1.05%

Ø NIM improved sequentially by 7 bps, and stood at 3.27%

Ø Operating profit for Q3 at Rs. 914 Cr

Ø ROA for Q3 at 1.02% and ROE at 11.62%

Commenting on the results, Mr. Shyam Srinivasan, MD & CEO, said, “We are pleased to continue our strong performance with improvement across all parameters. Credit quality remains top quartile on the back of disciplined lending practices. The Bank has delivered strong bottom line with key gains in Net Interest Income, Fee Income and Net Interest Margin. Net Profit improved substantially registering a growth of 29% and it helped deliver RoA of 1%+”

Q3FY21 Vs Q3FY22

Agri Advances registered growth of 17.95% to reach Rs. 18431.00 Cr
Housing Loans registered growth of 13.87% to reach Rs. 21684.96 Cr
Retail Advances grew 7.91% to reach Rs. 45541.37 Cr
Gold Loans registered growth of 11.48% to reach Rs. 16378.00 Cr
CASA registered growth of 15.43% to reach Rs. 64343.28 Cr
Resident Savings Bank deposit registered growth of 18.16% to reach Rs.28970.01 Cr
Net worth of the Bank reached Rs.18,087.98 Cr
Book Value per share increased to Rs. 86.05 from Rs. 78.32

Balance Sheet

Total Business of the Bank grew 10.10% Y-o-Y from Rs. 2,87,174.69 Cr as on 31^st December 2020 to Rs. 3,16,174.33 Cr as on 31^st December 2021. Net advances recorded a growth of 12.14% to reach Rs. 1,40,742.63 Cr from Rs. 1,25,504.77 Cr as on 31^st Dec 2021. Total Deposits reached Rs. 1,75,431.69 Cr from Rs. 1,61,669.92 Cr as on 31^st Dec 2021.

Operating Profit & Net Profit

Net Profit for the quarter increased to Rs. 521.73 Cr compared to Rs. 404.10 Cr as on 31^st Dec 2021. The Bank recorded an Operating Profit of Rs. 914.29 Cr as on 31^st Dec 2021 down from Rs. 956.44 Cr an year earlier.

Income & Margins

Net Interest Income of the Bank increased to Rs.1538.90 Cr as on 31^st Dec 2021 from Rs. 1437.04 Cr as on 31^st Dec 2020. Core fee income has registered a growth of 15.47% to reach Rs. 412.03 Cr. The Net Interest Margin of the Bank during quarter ended 31^st December 2021 stood at 3.27%.

Asset Quality

Gross NPA and Net NPA of the Bank as at the end of the Quarter stood at Rs. 4401.26 Cr and Rs. 1471.18 Cr respectively. Gross NPA as a percentage stands at 3.06% and Net NPA as a percentage stands at 1.05% , improving sequentially. Provision Coverage Ratio stands at 79.62% compared to 86.32% an year earlier.

NET WORTH & CAPITAL ADEQUACY

Net worth of the Bank increased to Rs.18087.98 Cr as on 31^st December 2021 from Rs.15631.15 Cr as on 31^st December 2020. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 14.37% as at the end of the quarter.

Footprint

The Bank has 1274 branches and 1882 ATMs/Recyclers as on 31^st December 2021.

MAJOR FINANCIAL INDICATORS (Standalone nos.)

(Rs. in Crore)

Business Figures	As on 31.12.2021	As on 31.12.2020	Growth (%)
Total Deposits	1,75,431.69	1,61,669.92	é8.51%
CASA	64,343.28	55,740.05	é15.43%
Net Advances	1,40,742.63	1,25,504.77	é12.14%
Retail Advances	45,541.37	42,202.56	é7.91%
Agri Advances	18,431.00	15,626.00	é17.95%
Capital
Equity Capital	420.41	399.17
Net Worth	18,087.98	15,631.15	é15.72%
Capital Adequacy (%)	14.37%	14.31%
Tier I (%)	13.52%	13.00%
Tier II (%)	0.85%	1.31%

Business, News

Federal Bank gets ISO 22301:2019 Certification

Aug 12, 2021 by Rekha Nair 0 Comments #ED, #Federal Bank, #Shalini Warrier

Mumbai: Federal Bank, was awarded with ISO 22301:2019 for its Business Continuity Management System (BCMS). The Certificate handover ceremony was held on 11th August 2021 virtually and the award was presented by BSI.

“In an age which is increasingly unpredictable, the need for an independently certified BCMS is vital for underscoring the ruggedness required to withstand any disruption. This certification, which is in line with global standards, underpins the integrity and resilience of our brand”. – said Mr. Shyam Srinivasan, MD & CEO, Federal Bank

This certificate is a significant milestone for the Bank as the certification is highly relevant in the current environment with the ongoing COVID19 pandemic, increased frequency of extreme weather conditions and growing expectations of customers around 24×7 banking services.

ISO 22301 specifies the requirements for a management system that help organizations prevent, prepare for, respond to, and recover from unexpected and disruptive incidents.

Shalini Warrier, ED, Federal Bank said “Business continuity during a crisis is an imperative for an organization like ours, as it ensures uninterrupted service to our customers. The recent BCMS Certification provides our Bank with a strong and fundamental framework by which we are guided in the event of a crisis”.

The business continuity management framework of Federal Bank has now been benchmarked with international standards for ensuring enhanced service assurance to its customers and thus strengthening its journey towards becoming the most admired Bank in the Country.

This certification covers a wider scope of activities such as Operations, IT and Cheque Clearing Functions.

Business World

Federal Bank delivers highest ever quarterly net profit at ₹ 477.81 Cr

May 18, 2021 by Neel Achary 0 Comments #Federal Bank

Chennai, May 17, 2021: Federal Bank announced its audited financial results for the quarter and year ended 31^st March 2021 today.

Highlights

· Recorded highest ever Quarterly Net Profit of ₹ 477.81 Cr, up by 58.60% on a YoY basis

· RoA crossed 1% and stood at 1.02%, and RoE at 12.20%

· Net Interest Income grew by 17% (YoY) to reach ₹ 1420 Cr

· Total business crossed landmark figure of ₹ 3 Lakh crore and stood at ₹ 3,04,523.08, registering a growth of 10.91%

· Gold Loans registered a staggering growth of 70.05%

· CASA grew by 25.66%

Commenting on the results and financial performance, Mr. Shyam Srinivasan, Managing Director & CEO, Federal Bank said, “We delivered our highest every quarterly profit despite an extremely challenging environment. I liken this to a test match win where every player did his part on a seaming and yet viciously turning track while the weather too was playing truant. It’s a tribute to our Federal spirit and we are pleased that the many awards and recognitions that came along the way motivated us to raise the bar. Inspired by this experience, the team is hopeful of navigating yet another year that looks quite daunting at the start. Some of the segments such as Gold Loans and CASA continue to shine for us with gold loans registering a staggering growth of 70.05%. The Asset quality held up well and Net NPA of 1.19% placed the bank amongst the best in the industry. The Provision coverage ratio was maintained along guided lines @ 65.14%. The Bank, during the past financial year managed to bag a series of awards and accolades, for Best Bank, Fastest growing bank, Great Place to work and several awards for its Digital initiatives. Bank has several new initiatives lined up and would be launching Credit Cards for its customers shortly.”

Working Results at a Glance

(₹ in Crore)

Particulars	Quarter Ended On			Year Ended On
Particulars	31-03-21	31-03-20	Growth %	31-03-21	31-03-20	Growth %
Net Profit	477.81	301.23	é58.62%	1,590.30	1,542.78	é03.08%
Operating Profit	885.09	959.31	ê07.74%	3,786.90	3,204.69	é18.17%
Net Interest Income	1,420.37	1,216.02	é16.80%	5,533.70	4,648.90	é19.03%

OPERATING REVIEW

Total Business

The total business of the Bank reached ₹ 3,04,523.08 Cr as on 31^st March 2021 from ₹ 2,74,557.99 Cr as on 31^st March 2020, registering a growth of 10.91%.

Credit Growth

Gross Advances reached ₹ 1,34,876.71 Cr as on 31^st March 2021 from ₹ 1,24,153.18 Cr as on 31^st March 2020 registering a growth of 8.64%. Retail advances grew by 18.57% to reach ₹ 44,910.14 Cr as on 31^st March 2021 from ₹ 37,877.97 Cr as on 31^st March 2020. Gold loans registered a staggering growth of 70.05% to reach ₹ 15,816.00 Cr as on 31^st March 2021. Business Banking advances grew by 12.93% to reach ₹ 11,890.05 Cr.

Deposit Growth

Deposits recorded a growth of 13.37% to reach ₹ 1,72,644.48 Cr as on 31^st March 2021 from ₹ 1,52,290.09 Cr as on 31^st March 2020. The CASA deposits reached ₹ 58,370.48 Cr as on 31^st March 2021. CASA Ratio stands at 33.81%. The NRE deposits of the Bank posted a growth of 11.77% during the year to reach ₹ 63,958.84 Cr as on 31^st March 2021.

Operating Profit & Net Profit

The Bank delivered an annual operating profit of ₹ 3,786.90 Cr as on 31^st March 2021 against ₹ 3,204.69 Cr as on 31^st March 2020 registering a growth of 18.17%. The annual net profit is at ₹ 1,590.30 Cr as on 31^st March 2021 up from ₹ 1,542.78 Cr as on 31^st March 2020.

Income & Margins

Annual Net Interest Income increased from ₹ 4,648.90 Cr to ₹ 5,533.70 Cr registering a growth of 19.03% as on 31^st March 2021 while the quarterly Net Interest Income increased to ₹ 1,420.37 Cr from ₹ 1,216.02 Cr as on 31^st March 2020. Other income as on 31^st March 2021 stands at ₹ 1,944.91 Cr. Net Interest Margin stood at 3.16% for FY21 while the quarterly Net Interest Margin stood at 3.23%.

Asset Quality

The Gross NPA of the Bank as on 31^st March 2021 stood at ₹ 4,602.39 Cr. Gross NPA as a percentage to Gross Advances is 3.41% as on 31^st March 2021. The Net NPA stood at ₹ 1,569.28 Cr and Net NPA percentage is at 1.19% as on 31^st March 2021. The Provision Coverage Ratio stood at 65.14% as on 31^st March 2021.

Capital Adequacy & Net worth

The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.62% as on 31^st March 2021. The Net Worth of the Bank was at ₹ 16,123.61 Cr as on 31^st March 2021.

Dividend

The Board of directors at its meeting held today has recommended a dividend of 35% per equity share having face value of ₹ 2 for the year ended 31st March 2021. The dividend will be paid after the approval of shareholders at the Annual General Meeting.

Awards & Accolades

MD & CEO conferred with Business Standard Banker of the year award
Adjudged Best Bank and Fastest Growing Bank by Business Today and KPMG respectively
Great Place to Work by GTPW
Winner – Most Innovative Project and Runner Up – Best IT Risk & Cyber Security Initiatives and Best Technology Bank of the year at the IBA’s 16^th Annual Technology Awards

Major Partnership

Partners with fintech epiFi to offer neo banking services
Partners with DGV to automate the payment life cycle of GCMMF (Gujarat Cooperative Milk Marketing Federation Ltd.) covering 36 lakh farmers who are supplying milk to Amul
Partners with Mashreq Bank to ease remittances to the country

Footprint

The Bank has 1272 branches, 1947 ATMs/ Recyclers as on 31^st March 2021. The Bank also has its Representative Offices at Abu Dhabi and Dubai and an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).

Q4FY21 Vs Q4FY20

Total Deposits registered a growth of 13.37% to reach ₹ 1,72,644.48 Cr from ₹ 1,52,290.09 Cr
NRE deposits reached ₹ 63,958.84 Cr from ₹ 57,223.13 Cr registering a growth of 11.77%
Gross Advances increased from ₹ 1,24,153.18 Cr to ₹ 1,34,876.71 Cr registering a growth of 8.64%
Gold Loans continue to register a staggering growth, reaching ₹ 15,816.00 Cr from ₹ 9,301.00 Cr, registering a growth of 70.05%
Retail Advances grew by 18.57% to reach ₹ 44,910.14 Cr from ₹ 37,877.97 Cr
Agri advances reached ₹ 16,076.43 Cr from ₹ 13,051.26 Cr registering a growth of 23.18 %
Business Banking advances grew by 12.93% to reach ₹ 11,890.05 Cr from ₹ 10,528.75 Cr

Major Financial Indicators (Standalone Nos.)

(₹ in Cr)

Business Figures	Year Ended On
Business Figures	31-03-2021	31-03-2020	Growth %)
Total Deposits	1,72,644.48	1,52,290.09	é13.37%
CASA	58,370.48	46,450.24	é25.66%
Gross Advances	1,34,876.71	1,24,153.18	é08.64%
Retail Advances	44,910.14	37,877.97	é18.57%
Agri Advances	16,076.43	13,051.26	é23.18%
Business Banking Advances	11,890.05	10,528.75	é12.93%
Gross NPA (%)	3.41%	2.84%
Net NPA (%)	1.19%	1.31%
Capital
Equity Capital	399.23	398.53
Net Worth	16,123.61	14,517.61	é11.06%
Capital Adequacy (%)	14.62%	14.35%
Tier I (%)	13.85%	13.29%
Tier II (%)	0.77%	1.06%

Business World

Federal Bank ties up with Mashreq Bank to offer instant money transfers from UAE to India

May 11, 2021 by Neel Achary 0 Comments #Executive Director, #Federal Bank, #Shalini Warrier

Federal Bank has entered into a strategic tie-up with Mashreq Bank one of the leading financial institutions in the UAE, to facilitate money transfers from the UAE to India. The partnership will support Mashreq’s faster payment product, QuickRemit, which was launched in 2017. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank in the UAE.

Referring to this tie-up, Shalini Warrier, Executive Director, Federal Bank said, “We are excited about the partnership with Mashreqbank PSC, UAE, to provide a cost effective instant money transfer service from UAE to India. With a market share of 17% in personal inward remittances to India, we have been always at the forefront of ensuring our remittance business is testimony to our mantra “Digital at the fore, human at the core”. A fully end to end automated solution will ensure that customers get the benefit of instant transfers in a safe & secure manner and the Indian diaspora in the UAE will surely benefit from this.”

Federal Bank, a major player in the personal inward remittance space with around 90 remittance arrangements across the globe, adds one partnership to its fold through this tie-up. As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from Mashreq’s online and mobile banking channels.

Speaking on the occasion, Tooran Asif, Executive Vice President, Head of Consumer Banking at Mashreq Bank said, “This partnership with Federal Bank comes at an important time, as the growth of the UAE remittance market improves and begins to return to pre-pandemic levels. In particular, this tie-up will help to support our popular QuickRemit service to strengthen our India corridor which has grown significantly over the years – and providing our customers with fast, on-the-go solutions to transfer funds instantly and conveniently to their home-country – an imperative in today’s highly digitalized environment.”

Last year, Mashreq Bank partnered with NIUM, a cross-border digital payments company, to expand its existing QuickRemit service to more than 35 countries worldwide. The agreement made it the first bank in the UAE to offer instant and same day credit facility to so many places, including the UK, Singapore, Philippines, Australia, Canada, Sri Lanka and majority of European countries.

Business World, News

Neobank Fi announces launch in India

Apr 23, 2021 by Rekha Nair 0 Comments #CEO & Cofounder, #Chief Operating Officer and Business Head - Retail, #Executive Director, #Federal Bank, #Fi, #Ms. Shalini Warrier, #Sujith Narayanan

Bengaluru: Bengaluru-based neobank for salaried millennials Fi has announced its launch today. Fi was established with a strong purpose to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently. Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes.

Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay, Sujith Narayanan and Sumit Gwalani. It offers an interactive, personalised, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organise their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.

Commenting on the launch, Sujith Narayanan, CEO & Cofounder, Fi, said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances. We look forward to delivering a first-of-its-kind, personalised, flexible and transparent banking experience and building long-term customer relationships.”

Speaking on the occasion, Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank. We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.

The app listens to customer needs, understands their wants, and gently nudges them to achieve their money aspirations. Every aspect of Fi’s design minimises friction for the digital-first generation. The Fi app is one-of-a-kind in its approach, as its users will earn rewards for saving money as well – unlike the market.

Some of Fi’s unique features include:

AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks

Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms

Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions

Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed

Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits

Smart Statements: A simple, visual statement of the user’s money

Fi’s team of experts – from Google, Netflix, PayPal, and others – distil decades of tech & banking wisdom into Fi. The company is funded by Sequoia India and Ribbit Capital.

Business World

Neobank Fi Launched in Partnership with Federal Bank

Apr 23, 2021 by Neel Achary 0 Comments #CEO & Cofounder, #Chief Operating Officer and Business Head - Retail, #Executive Director, #Federal Bank, #Fi, #Ms. Shalini Warrier, #Sujith Narayanan

Mumbai: 23 April 2021, Bengaluru-based neobank for salaried millennials Fi has announced its launch today. Fi was established with a strong purpose to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently. Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes.

Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay, Sujith Narayanan and Sumit Gwalani. It offers an interactive, personalized, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organize their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.

Commenting on the launch, Sujith Narayanan, CEO & Cofounder, Fi, said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances. We look forward to delivering a first-of-its-kind, personalized, flexible and transparent banking experience and building long-term customer relationships.”

Speaking on the occasion, Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank. We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.

Some of Fi’s unique features include:

o AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks

o Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms

o Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions

o Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed

o Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits

o Smart Statements: A simple, visual statement of the user’s money

Fi’s team of experts – from Google, Netflix, PayPal, and others – distil decades of tech & banking wisdom into Fi. The company had raised $13.5 million in its seed round led by Sequoia India and Ribbit Capital.

Tag: Federal Bank