Federal Bank trades higher on the BSE
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Federal Bank is currently trading at Rs. 124.05, up by 1.55 points or 1.27% from its previous closing of Rs. 122.50 on the BSE.
The scrip opened at Rs. 123.90 and has touched a high and low of Rs. 124.60 and Rs. 123.40 respectively. So far 175916 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 129.70 on 05-Sep-2022 and a 52 week low of Rs. 78.20 on 21-Sep-2021.
Last one week high and low of the scrip stood at Rs. 124.60 and Rs. 116.40 respectively. The current market cap of the company is Rs. 26188.29 crore.
The Institutions holding in the company stood at 68.32%, while Non-Institutions held 31.68%.
Federal Bank has launched pilot projects to make it easier for farmers to get a Kisan Credit Card (KCC). Under the pilot projects, the bank will do away with the need for physical documents such as land records and in-person visit to a bank branch to get KCCs. The bank began the project from Chennai.
The projects is part of the RBI initiative for the digitalization of rural finance wherein bank is collaborating with Reserve Bank Innovation Hub (RBIH). This launch will accelerate the transition towards quicker access to credit from the organised banking system and is one more decisive step in the formalisation of economy. It will use digital capabilities such as eKYC and eSign, APIs (Application Programming Interfaces) developed by the TN-eGA and machine learning capabilities to offer KCC in a digital manner.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.
