19th August 2019, Mumbai: Federal Bank launched a new facility for quick sanction of auto loans on 17th August 2019. This is a platform where loan application and other supporting documents are collected, verified, transmitted and sanctioned online in a few hours. The solution has several tools which help real-time verification of documents and credit history of customers. This helps the Bank to reduce the transit time thereby making the loan sanction quicker and accurate. All the verifications like analyzing loan application and creditworthiness of the customer, which were previously done offline, are now done in the platform using artificial intelligence. This solution is available currently in Mumbai and Ernakulam, which will later be extended to other locations.
Ms. Shalini Warrier, Chief Operating Officer, Federal Bank, formally launched the solution. Delivery of the first vehicle financed using the solution was done jointly by her and Mr. Rahul Jain, State Head, Hyundai Motor India Ltd. Mr. Jose K Mathew, Executive Vice President and Kerala Head, Federal Bank, Mr. Jithesh PV, Deputy Vice President and Head Digital, Federal Bank, other officials of Federal Bank and Popular Hyundai attended the function.
About Federal Bank:
Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as of March 31, 2019, and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve center 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.