Federal Bank to focus on India's underbanked population, says CEO

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fairly difficult
The bank, its chief executive Shyam Srinivasan said, is constantly innovating and deploying unique differentiators to transform small businesses across the country
MUMBAI : One of the key focus areas of private sector lender Federal Bank in the coming years will be India's underbanked population through neo-banking tie-ups, chief executive Shyam Srinivasan said in the bank's annual report for FY21.

"While we broaden our horizons and accelerate progress, we will focus on reaching India's underbanked and underserved with our neo-banking partnerships and a purpose of inclusive finance," he said.

The bank offers Pradhan Mantri Jan Dhan Yojna (PMJDY) accounts to customers with an overdraft facility mainly to weaker sections and low-income household groups. In FY20, the ministry of finance announced the continuation of comprehensive…
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