India: Federal Bank Opens First “Digital Branch”

Federal Bank, a private bank with a branch network of 1,251 branches and about 2000 ATMs, has issued a release that it has opened its first “digital branch” called “Fed-e-Studio .” This digital branch was announced at an event last week at Rajarhat Bhatenda. Dr. Mahesh K Goenka, Director, Apollo Gleneagles Hospitals Kolkata inaugurated the facility.

Fed-e-Studio is said to offer a host of banking services including transfers, CTS clearing transactions, cash deposits, and withdrawals.

The Bank said it is planning to make more services like account opening, available in the next phase. The Bank has plans to open 25 more such digital branches in various parts of the country.

India is a country that continues to have a significant sector of the population as being underbanked.

According to a study by the Brookings Institution, there has been an “extraordinary push for bank accounts” in India.  The Global Findex report claimed 80 percent of the population now has a bank account. The report states that “this implies in absolute terms, India still has a large unbanked population, which is likely to be targeted in the coming years.”

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