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Federal Bank to use neo banks to reach underbanked

Federal Bank has charted a program to reach to the underbanked population in the country through tie-ups with neobanks. Stating this, the bank’s MD and CEO Shyam Srinivasan said in the bank’s annual report for FY 2021 that while the bank will broaden its horizons and accelerate progress, it will focus on reaching India’s underbanked and underserved with its neo-banking partnerships and a purpose of inclusive finance. The bank offers Pradhan Mantri Jan Dhan Yojna (PMJDY) accounts to customers with an overdraft facility mainly to weaker sections and low-income household groups. The bank has opened over 621,000 accounts with an outstanding balance of ₹3.16 billion. Srinivasan said the bank is constantly innovating and deploying unique differentiators to transform small businesses across the country. He added the right digital model of reaching and enriching the underserved will surely convert the bank as the perfect banking partner for these entities.

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