IGI Logo

Ninety FirstAnnual General Meeting of shareholders of Federal Bank was conducted over video conferencing today. The meeting was presided over by Bank’s ChairmanMr.CBalagopaland joined by other Directors, Shareholders, Senior Executives,representatives of Statutory Auditors and Secretarial Auditors of the Bank.

In the meeting, approval of shareholders was sought for adopting audited financial statements of FY 2021-22. Approval of12 other resolutions like declaration of dividend of 90% to the shareholders,raising of funds through Issuance of Bonds, raising of Tier I Capital of the Bank through issuance of Securities, appointment of Mr. SankarshanBasu and Mr. RamanandMundkur as Independent Directors of the Bank, re?appointment of Mr. Shyam Srinivasan as Managing Director & Chief Executive Officer of the Bank, re?appointment of Mr. Ashutosh Khajuria as Executive Director of the Bank and payment of remuneration, performance linked incentive &stock optionsto Ms. Shalini Warrier, Executive Director of the Bank and other amendments in Memorandum of Association (MOA) of the Bank, etc.

While addressing the shareholders, theBank’s Chairman Mr.C Balagopalremarked that the Bankis on a journey to become the most admired banking institution, and, in this journey, its focus is on providing a superior and unparalleled banking experience to customers.

In his address to all participants, Mr. Shyam Srinivasan, MD & CEO said, “The last fiscal year has been action-packed on many fronts. But we stayed rooted in our commitment and delivered on our promises despite an arduous macro environment.” He shared that the Bank is amongst the Top 50 of ‘Great Places To Work’ in India and has moved up 21 notches to be perched at 26 this year, and is an accurate example of gender and cultural diversity with 41% of workforce being women, 21% of banking branches headed by women, 42% of the 805 new hires last year being women and hires were from 20 states and 200 campuses across India. Srinivasan underlined the active interest of IFC, a member of World Bank group in the Bank by way of investment due to the Bank’s innovative ESG initiatives. In continuing its strategic objective of leveraging digital as a key enabler of Customer Convenience, the Bank disbursed Rs 770 Crore to customers through self-service facilities and without human intervention. Federal Bank’s digital assets also facilitated a whopping 96.9 Lakh digital transactions during the fiscal. The Bank has moved up into the Top 5 in terms of debit card spends among Private banks underlining the ease of its cashless transactions.

Scale and agility are the two strategic pivots being hinged by the Bank to pursue its ambition of being amongst the most admired banks of the country.

Like last year, the AGM proceedings were streamed live on social media platforms - Facebook, YouTube, and Twitter.

Above views are of the author and not of the website kindly read disclaimer