FII can invest upto 74% in Federal Bank

The Cabinet Committee on Economic Affairs has approved the proposal of Federal Bank for increase in foreign investment up to 74%. This nod is, however, subject to the condition that aggregate foreign institutional investor shareholding will not exceed 49% of the paid-up capital of the bank. The approval will result in a foreign investment of Rs 1,400 Cr into the country, an official release said. As at end December 2013, FIIs had an aggregate holding of 43.34% in the private sector lender.

Federal Bank - Stock Split

Federal Bank is splitting its shares from face value Rs.10 to Rs.2. The same will be effective from 17.10.2013.

Federal Bank to decide rate cut

Private sector lender Federal Bank will decide on a cut in interest rates on retail loans next week. The move will be decided after meeting of their ALCO committee. The Kochi-based bank has announced that it will offer home loans at its base rate of 10.45% from October 3 to October 18 as part of the 67th anniversary celebrations. Earlier, the minimum rate of interest on home loans was 10.78%.

Recruitment - Federal Bank

Federal Bank has invited applications for the post of Probationary Officers. But the applicant must successfully complete one year Post Graduate Diploma in Banking and Finance at Federal Manipal School of Banking. The minimum qualification for joining is Graduation with minimum 60% marks. The maximum age is 26 years.

You have to apply online for joining the course.

Last date for application is 15.10.2012

To apply for the job click here

Federal Bank’s money transfer facility for NRIs in US

Federal Bank, on Wednesday, launched Fed-India remit service (FIRSE), the Web-enabled money transfer facility between the US and India, targeted at the NRI population. The traditional means of money transfer, through issue of cheques and drafts, used to take close to a month and at a cost to the customer. The telegraphic transfer used to be fast but entailed a service charge of between $25-50 (Rs 1,000-2,000) per transaction. Now, a similar facility is being offered free to Federal Bank NRI customers in the US. A couple of new generation private banks, which are offering similar services, are charging a fee for the same. And the bank is the first among the old generation private sector banks to offer such a facility. Federal Bank uses 128-bit encrypted technology offering 100 per cent security to both the remitter and recipient.