Federal Bank has launched an electronic passbook that allows customers to view their transaction details on the smart phone.

Said to be the first by a bank, FedBook is an electronic edition of the conventional bank passbook. The app is for free and is available on the android platform.

“The Windows and IOS versions will be available in October,” A. Surendran, head of retail and international operations of Federal Bank, told a news conference here on Friday.

“FedBook will make banking handier for our customers,” he said. “It’s a value addition to the mobile-based banking.”

The password-protected facility would allow customers to view all their transactions real time — both online and offline. The account holder can customise it too — for instance, if he wants to view the updates of transactions every hour, he can set it that way. As of now, the transaction history of three months is available on FedBook.

However, Surendran said, unlike in Net banking, the customer cannot make any transactions. FedBook provides several customer-friendly utilities such as filtering specific transactions. With the FedBook in place, a customer need not visit his bank branch to check his transactions and the facility is highly useful for NRI customers.

RUPEE FALL

Surendran said the fall in the value of the rupee has increased foreign remittances through the Federal Bank remittance engine, by more than 25 per cent. Already, in just five months, remittances have grossed about 75 per cent of the remittances in the year 2012-13. Last year’s total remittances through the bank totalled Rs 28,000 crore, he said.

Surendran claimed that 25 per cent of foreign remittances to Kerala were through Federal Bank.

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