Chennai: One of the major private sector banks based in Aluva, Kerala, Federal Bank has set a target to add 66 new branches during the next fiscal. This was stated by the bank's chairman M Venugopalan at the inauguration of the bank's 553rd branch at Ambattur in Tamil Nadu.

Giving details about the proposed expansion, he said that of the 66 new branches, 9 will be in Tamil Nadu in Rajapalayam, Tiruporur, Sriperumpudur, Perungudi and Sholinganallur. The bank has already opened branches at Avadi, Poonamallee and Porur. Thus Tamil Nadu will have a total of 36 branches by the end of of this fiscal.

Federal Bank provides many services related to personal, NRI and business banking. Depository Services, Credit Cards, Life Insurance Products in association with ICICI Prudential, Export Credit Insurance Products in association with ECGC, General Insurance Products in association with United India Insurance, Express Remittance Facility from Abroad via- FEDFAST, Lock Box Service for NRI's in the US, Cash -On- Line Express Cash Remittance, Cash Management Services, E-shopping Payment gateway, Merchant Banking Services, online utility bills, premium payments and online railway ticket reservation are some of the prominent services offered by the bank.

With a customer base of more than four million customers, Federal bank conducted a total business of over Rs. 40,000 crore till September 30. Of this deposits formed over Rs. 24,100 crores and loans, advances amounted to over Rs. 16,200 crore.

A rights issue priced at Rs.250 per share is proposed by the bank, which will catapult its net worth to over Rs. 4,000 crore by the end of this fiscal.