Federal Bank Recognized Globally for Outstanding Achievement in Climate Lending and Reporting by IFC
Dec 14, 2023
BusinessWire India
Mumbai (Maharashtra) [India], December 14: International Finance Corporation (IFC), a World Bank Group has recognised Federal Bank as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting. Out of the 258 financial institutions globally participating in climate reporting through the CAFI tool, Federal Bank emerged as a standout performer.
Federal Bank secured two positions on the global stage i.e. Highest Climate Loan Amount Reported and Most GHG Mitigated category.
Furthermore, in the South Asian region, Federal Bank clinched four prestigious recognitions in the following categories:
* Most Transactions Reported
* Highest Climate Loan Amount Reported
* Most GHG Mitigated
* Best Achievement vs Climate Targets
The accolades received by Federal Bank are a testament to its unwavering dedication to climate-conscious practices. These achievements underscore Federal Bank's proactive approach to addressing climate change and its commitment to measuring and investing in impactful climate projects.
Damodaran C, Senior Vice President & Chief Risk Officer at Federal Bank, expressed gratitude for the recognition and highlighted the Bank's ongoing dedication to sustainable practices. "At Federal Bank, we consider climate responsibility integral to our operations. We are glad to have emerged as top performer on a global stage. These recognitions from IFC validate our efforts and motivate us to continue driving positive change in the financial sector."
Federal Bank is a premier private sector bank in India with a rich legacy spanning over nine decades. The franchise boasts of 16 million plus growing customers, 1400 plus branches and a global footprint. It houses Representative Offices in Dubai and Abu Dhabi, an IFSC Banking Unit in GIFT City, Gujarat, and holds a significant role in handling one-fifth of total NR remittances to India. The Bank's total business mix (deposits + advances) stood at Rs. 4.26 Lakh Crore as on 30th September 2023. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.50 % as on 30th September 2023.
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