2021-22Annual Report
Energy is our primary source of carbon footprint. We are reducing it through renewable energy and undertaking energy efficiency measures.
In FY22, we added 50 KW of new solar power capacity, taking our total installed capacity to 170 KW. A total of 159,000 kWh solar power was generated through this capacity during the year.
We have switched to LED lights and have installed Star rated Inverter/VRF energy-efficient air conditioners (ACs) across branches. In FY22, these measures helped us save 712 MWh (380 MWh from LEDs and 332 MWh from ACs) of electricity.
Bringing farming to our office encourages employees in growing clean and healthy vegetables while also creating a greener premise. As part of our ESG motto, hydroponic farming was started in our Chennai and Delhi Zonal Offices. Rooftop gardening and rooftop farming is also practised in certain premises.
We have an installed Rainwater Harvesting capacity of 75,000 litres as of March 2022 which helped us to save 2 Lakh litres of water. We intend to instal rainwater harvesting units in more premises.
We have partnered with reputed vendors to collect e-waste generated at Head Office and dispose it in an environment-friendly manner.
Digitalisation has been a key driver in our sustainability initiative enabling us to significantly reduce paper consumption, optimize energy consumption and prevent travel-related emissions.
We have completely digitalized onboarding with digital KYC leading significant reduction in TAT and paper consumption. 90% of all new onboarding are done digitally.
We have implemented an AI-based digital lending platform and a Digital Credit Card Origination System towards completely digitalizing these processes with rule-based decision-making, digital document verification and profile and fraud check and digital execution of documents. 80% of total retail auto loans and 100% of credit card applications are being processed digitally.
Fed-e-Studio are our teller-free, digital kiosk for handling most retail banking transactions. 90% of all clearing cheques are processed through it.
We have enabled a Data and Document repository system to digitally store all auto loan and credit card application data/ documents in our server, eliminating the need to keep physical documents.
It enables customers to instantly update their primary mobile number and email ID in a paperless digital method. 80% of the key field update requests are being handled through it.
It allows customers to transfer funds digitally abroad from anywhere, eliminating the need for branch visits, form filling and furnishing physical documents. In FY22, 35% of eligible outward remittance transactions were executed through it.
This project supports digital signing of loan, service level and non-disclosure agreements, thereby eliminating the need to print the document and move towards a paperless and clean working space.
We offer best-in-class online platforms for investing in shares, mutual funds, SGB, IPO, etc. enabling customers to digitally invest from anywhere. After introducing the SGB module in FedMobile, over 50% of the total subscriptions are received through online channels.
We have enabled our FedMobile (mobile banking platform) with the feature to download/receive various certificates directly to mobile.
It allows customers to digitally avail services like 15G/15H submission, branch change, KYC and document updating, email-ID updation, debit card application and cheque book request. It also has a Dispute Management Portal. In FY22, over 8 lakh service requests were received through it.
We tied up with Grey Swift Pvt Ltd to avail this service, helping us save paper and manpower and eliminating the need for customers to visit the branches/offices for the execution of the documents. In FY22, this platform was used to disburse ~4,200 digital car loans (through GoNoGo), execute ~300 Agreements and open ~200 Joint Digital Accounts.
transactions done digitally
sheets of paper saved
of fuel saved by eliminating the need to travel to branches
in energy consumption