Federal Bank surges on buzz of introducing online lending platform

The Federal Bank is currently trading at Rs. 98.40, up by 1.90 points or 1.97% from its previous closing of Rs. 96.50 on the BSE.

The scrip opened at Rs. 98.50 and has touched a high and low of Rs. 99.35 and Rs. 97.70 respectively. So far 1795701 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 107.65 on 25-Oct-2021 and a 52 week low of Rs. 69.00 on 28-Jan-2021.

Last one week high and low of the scrip stood at Rs. 99.35 and Rs. 88.95 respectively. The current market cap of the company is Rs. 20674.10 crore.

The Institutions and Non-Institutions holding in the company stood at 66.89% and 33.11% respectively.

Federal Bank has reportedly introduced an online lending platform, federalinstaloans.com. It is to facilitate quick and hassle-free credit approvals of up to Rs 50 lakh for Micro, Small & Medium enterprises (MSMEs) across India.

The platform enables borrowers to avail loans in less than 30 minutes digitally by uploading their income tax returns, bank account statement and online verification of GST details.

Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.

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