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The Bank’s name was changed to The Federal Bank Limited on December 2,1949. The Bank was licensed under the Banking Regulation Act, 1949, on July 11, 1959 and became a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970.
Shri K P Hormis took up the reins of Federal Bank in 1945 as its Chief Executive. Fired by a passion for institution building, Shri Hormis built out of a One-Branch-Small-Time Bank, a nationwide institution of 285 branches in the 34 years that he remained at the helm. In 1947, the Bank was re-christened as “The Federal Bank Limited”.
Federal Bank is the first bank in the country to become an issuer of documents through Digi locker. Now, the bank issues documents such as TDS certificates, interest certificates, bank account statements, etc. directly to the DigiLocker account of the customers and they can access the documents by logging in to their digilocker account, which is linked to their aadhaar number.
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States.It is located at 33 Liberty Street, New York, New York.It is responsible for the Second District of the Federal Reserve System, which encompasses New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands.
The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Federal Bank FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it FASTag is presently operational at 498 toll plazas across national and state highways. More toll plazas will be brought under the FASTag program soon.
Federal Bank FASTag is a perfect solution for a hassle-free trip on national highways. It is a simple to use, a reloadable tag which enables automatic deduction of toll charges and lets you pass through the toll plaza without stopping for the cash transaction.
Federal Bank is a pioneer in the banking sector in India by being the first bank to digitalize all its branches in the country. Our services are available across the country and globally as well. Have a look at our website to read more.
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