Federal Bank has entered into partnership with Chillr, a mobile banking application, to provide cashless transactions. All transactions on Chillr are initiated directly from the users’ bank accounts and authenticated by a PIN provided by their banks. Chillr, India’s first and only multi-bank mobile application, allows users to connect seamlessly with multiple bank accounts and manage all their banking needs on a single platform, making money transfer between bank accounts easier, faster and safer than sending a text message.
The bank has reported 18.33% rise in its net profit at Rs 167.31 crore for the first quarter ended June 30, 2016 as compared to Rs 141.39 crore for the same quarter in the previous year. Total income of the bank has increased by 6.82% at Rs 2250.81 crore for quarter under review as compared to Rs 2107.09 crore for the quarter ended June 30, 2015.
The bank’s gross NPA for the April-June quarter of the current fiscal increased to 2.92%, as compared to 2.59% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 1.68% in Q1FY17.
