Federal Bank Teams Up with Bhashini to Add Vernacular Support to Chatbot Feddy

Federal Bank has signed an MoU with Bhashini, an AI-powered language translation platform, to integrate vernacular language support into its AI chatbot, Feddy. This collaboration, inspired by the Reserve Bank Innovation Hub’s (RBIH) initiative for local language banking, aims to make banking services more inclusive and accessible across India. The enhancement allows Feddy to assist users in 14 Indian languages, including Hindi, Bengali, Tamil, and Marathi, among others. This move is seen as a crucial step toward bridging language barriers in financial services.

Collaboration Overview

The partnership between Federal Bank and Bhashini boosts Feddy’s capabilities, enabling it to handle queries in multiple Indian languages, which is expected to improve customer experience. Federal Bank’s Executive Director, Shalini Warrier, emphasized the importance of this initiative in serving India’s diverse linguistic landscape.

Bhashini’s Role

Bhashini, through its voice-first multilingual technology, ensures that users can interact with Feddy in their preferred language. Bhashini’s CEO, Amitabh Nag, expressed the vision of using AI-driven solutions to foster inclusivity in fintech.

Support from RBIH

RBIH’s CEO, Rajesh Bansal, highlighted the significance of digital financial inclusion, emphasizing that local language banking is key to ensuring a broader reach of the digital revolution across India. This initiative aligns with RBIH’s mission to support collaborations that drive innovation.

Impact on Banking Services

With Feddy now capable of responding in 14 languages, customers will have greater ease in accessing banking services, particularly in their native languages, marking a significant step in enhancing the accessibility of financial services.

Federal Bank: Key Points

Overview: Federal Bank is one of India’s leading private sector banks, headquartered in Aluva, Kerala.

Founded: 1931 (as Travancore Federal Bank), renamed to Federal Bank in 1947.

Network: It operates over 1500 branches and 2000+ ATMs across India.

Business Mix: As of March 2024, the bank’s total business mix (deposits + advances) stands at ₹4.62 lakh crore.

International Presence: Representative offices in Dubai and Abu Dhabi cater to NRIs, with an IFSC banking unit at GIFT City, Gujarat.

Capital Adequacy: Capital Adequacy Ratio (CAR) under Basel III norms was 16.13% as of March 2024.

Innovations: Known for its digital transformation, including AI chatbot “Feddy” for customer service, and partnerships like Bhashini for vernacular support.

Target Customers: Serves a broad customer base, including retail, NRI, SME, and corporate banking.

Here’s the table with key points relevant for exams:

Key Points	Details
Why in News	Federal Bank partners with Bhashini to add vernacular support to its AI chatbot, Feddy.
Partnership	Federal Bank and Bhashini signed an MoU for vernacular language support in Feddy.
Languages Supported	Feddy now supports 14 Indian languages, including Hindi, Bengali, Tamil, Marathi, etc.
Objective	Make banking services more inclusive and accessible across India, overcoming language barriers.
RBIH’s Initiative	Supports the Reserve Bank Innovation Hub’s (RBIH) initiative for local language banking.
Federal Bank Executive Director	Shalini Warrier emphasized the importance of the initiative in serving India’s linguistic diversity.
Bhashini’s Role	Provides AI-powered language translation for a voice-first multilingual chatbot experience.
Bhashini’s CEO	Amitabh Nag envisions using AI-driven solutions for fintech inclusivity.
RBIH CEO	Rajesh Bansal highlighted the importance of digital financial inclusion and local language banking.
Federal Bank	Headquarters: Aluva, Kerala.
Founded	1931 (as Travancore Federal Bank), renamed to Federal Bank in 1947.
Network	Over 1500 branches and 2000+ ATMs across India.
Business Mix	₹4.62 lakh crore (deposits + advances) as of March 2024.
International Presence	Representative offices in Dubai and Abu Dhabi, IFSC banking unit at GIFT City, Gujarat.
Capital Adequacy Ratio	16.13% under Basel III norms as of March 2024.
Innovation	Known for digital transformation and AI chatbot “Feddy.”