Federal Bank joins MCA’s SPICe+ portal to facilitate banking for newly incorporated companies
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Federal Bank has been empanelled on the Ministry of Corporate Affairs’ (MCA) SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) portal, enabling newly incorporated companies to open bank accounts as part of the company registration process.
Seamless banking during company incorporation
The integration allows entrepreneurs, start-ups and emerging businesses to select Federal Bank as their banking partner while incorporating their companies through the MCA’s integrated digital platform. The SPICe+ portal facilitates company incorporation and various statutory registrations, including bank account opening through participating banks.
The empanelment is expected to simplify the transition from company registration to banking by allowing businesses to initiate their banking relationship during the incorporation process itself.
Bank strengthens digital onboarding capabilities
“The integration is aimed at simplifying the business setup journey by providing companies with immediate access to a trusted banking partner from the very beginning of their entrepreneurial journey,” said Joy P V, EVP and Country Head – Retail Liability & Fee Products, Federal Bank.
The bank said the empanelment is part of its efforts to strengthen its digital capabilities and customer-centric offerings for start-ups, micro, small and medium enterprises (MSMEs), and corporate customers. It aims to support businesses through digital onboarding, technology-led banking services and customised financial solutions.
The bank reported a record net profit of ₹1,386 crore for the September quarter, registering a 45% year-on-year (YoY) increase, driven by improved asset quality and a record rise in other income.
The South-based lender had posted a net profit of ₹955 crore in the year-ago quarter and ₹1,177 crore in the preceding June quarter.Amid reports of the bank being in advanced talks with Jana Small Finance Bank for a possible merger, its managing director and chief executive officer, KVS Manian, declined to comment specifically on the development. However, he said the bank remained interested in inorganic growth opportunities and continued to evaluate various options.
Federal Bank shares closed 0.47% higher at ₹340.10 on the NSE on Friday.