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Federal bank to increase sales staff

Federal Bank is planning to expand its sales team 12 fold as it refocuses on business in the semi-urban and rural areas and SME sector, which it feels requires a better sales effort. MD and CEO of the bank Shyam Srinivasan feels digital banking is yet to reach the smaller centers and as such sales teams need to be reinforced in order to do better business in these areas. According to news reports, the bank will engage around 1,200 people in the sales team and they will focus their energies on deposits and advances business. At present, the bank’s salesforce comprise just 100 members. He said every branch will have sales people and the hiring will be over a period of three years. The bank also intends to expand its branch network in the semi-urban and rural areas.

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