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Federal Bank begins depository services

Our Bureau

KOCHI, Feb. 25

THE Aluva-based Federal Bank has launched depository services for its customers. It is the first Kerala-based bank to do so.

Launching the service at a function here, Ms. Lalita D. Gupte, Joint Managing Director, ICICI, said though over a 100 other entrants offer depository services at the national level, the launch of the service by Federal Bank is timely since it will fulfil the requirements of a large section of the bank's customers.

With a virtual revolution on in financial services, only banks which are willing to change with the times will prosper. With over 85 to 90 per cent of all transactions at the major stock exchanges in the form of demat shares, demand from the average bank customer for depository services is also bound to grow.

The launch of depository service is part of the bank's millennium initiatives, the Chairman, Mr. K. P. Padmakumar, said. Other schemes envisaged under the millennium initiative are the introduction of e-commerce and Internet banking, which will be undert aken in association with Infosys Technologies, the Chairman said.

Anywhere banking, which has been introduced in Bangalore, will be extended to other major cities soon. The Chairman was confident that the depository services will garner critical mass by March 2000, mainly from a large segment of the bank's NRI customer s.