Federal Bank set to open 13 branches in Kozhikode zone

Federal Bank will open 13 new branches in Kozhikode zone on Saturday.

This will take the total number of the bank's branches in the zone to 177, apart from 202 ATMs. The zone covers Thrissur, Irinjalakkuda, Palakkad, Malappuram, Kozhikode and Kannur regions.

Mr C.P. Mohandas, General Manager of the bank, said here on Friday that Kozhikode zone contributes nearly 12 per cent of the bank's total business with deposits of Rs 6,100 crore and advances of Rs 3,400 crore. The bank is targeting a total business of Rs 10,000 crore by March-end, he added.

Financial inclusion

Mr Mohandas, who met press persons in connection with the opening of 100 new branches of Federal Bank across the country , said the bank has chosen 29 villages in Kozhikode zone for financial inclusion, of which, the target has been achieved in 18 villages. The bank is implementing the financial inclusion programme using ICT model under the brand name of ‘Fedjyothi.'

Similarly, the bank has already started financial literacy and credit counselling centres called ‘Federal Ashwas' at Chittur, Sulthan Bathery and Vythiri in the zone. One more such a centre will be opened at Pilathara in Kannur on March 14.

Branch network

The bank's branch network across the country would reach 938 with the opening of the new branches and the aim is to take the figure to 1,000 by the end of June this year, Mr Mohandas said.