Federal Bank will set up a wholly owned subsidiary company to handle backend operations of the bank. The bank has obtained in-principle approval from Reserve Bank of India (RBI).This move towards having a distinct and exclusive outfit for backend activities is a stride in line with the practice of progressive financial institutions. Ms. Shalini Warrier (Chief Operating Officer, Federal Bank) exchanged MOU with Mr. Hrishikesh Nair (CEO, Infopark) for leasing over 12000 square feet space in Infopark to house the company.
Speaking on occasion, Ms. Shalini Warrier stated, “This is a milestone for the Bank, in the journey of becoming the most admired Bank. The Bank is happy to have received in-principle approval from RBI for the creation of the wholly owned subsidiary company and shall shortly approach RBI for final approval. With a dedicated arrangement for operational activaties, the Bank will be able to deliver materially higher level of customer delight, while at the same time reducing costs and mitigating risks. The new subsidiary company will provide innovative high-quality operational activities for Federal Bank, which in turn will help customers around the world. This will align with our theme of “Digital at the Fore and Human at the Core” concept. Being located in Infopark in Kakkanad, the subsidiary company will be able to take full advantage of the world class facilities available in this premises.”