Federal Bank inaugurated their first DBU unit branch in Eastern India at Kolkata’s Salt Lake Sector 5
Kolkata, 15th Oct: Prime Minister Narendra Modi took another step towards building Digital India by celebrating Azadi Ki Amrit Mahotsav. Virtually inaugurated a total of 75 Digital Banking Units (DBUs) across the country on 16 October 2022 at 11 am to celebrate the 75th year of Independence. In this case, the customers of the bank will be served 365 days 24 hours and paper leash banking will be introduced. 12 public sector banks, 13 private sector banks, and 1 small finance bank have received permission to open digital banking units (DBUs).
Among them, Federal Bank inaugurated their first DBU unit branch in Eastern India at Kolkata’s Salt Lake Sector 5 after a virtual inauguration by the Prime Minister, with lamp lighting in the presence of BJP leader and MP Locket Chatterjee and former Regional Director ICCR Gautam Dey. Also present at the auspicious inauguration were Sabu RS (General Head Kolkata) and other dignitaries.
Prime Minister Narendra Modi on Sunday attributed India’s sustained economic growth to the efforts of the BJP government to replace pre-2014 ‘phone banking’ with ‘digital banking’.
Referring to the previous UPA regime, he said under ‘phone banking’, instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions
Private sector lender Federal Bank on Friday posted a 53% year-on-year increase in its net profit for the three months ended September 30 on account of lower provisions.
The bank’s net profit stood at 704 crore in Q2FY23 while its provisions declined 9% y-o-y to Rs 268 crore. The lender’s pre-provisioning operating profit (PPOP) improved 33% y-o-y to Rs 1,212 crore led by healthy growth in its non-interest income, which grew by 24% to Rs 609 crore.
