Federal Bank expands digital banking access for new businesses

By Divya Shah

Federal Bank was empanelled on the Ministry of Corporate Affairs’ (MCA) SPICe+ portal, enabling newly incorporated companies to open bank accounts with the lender as part of the company registration process. 

The SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) portal is an integrated digital platform that allows businesses to complete company incorporation and access various statutory registration services. It also enables applicants to open bank accounts through participating banking partners. 

With its empanelment, Federal Bank became an available banking partner on the portal. Entrepreneurs, start-ups and emerging businesses can select the bank while registering their companies, helping them move from incorporation to banking through a single digital process. 

Joy P V, EVP and Country Head – Retail Liability and Fee Products at Federal Bank, said the integration was aimed at simplifying the business setup process by giving newly incorporated companies access to a banking partner from the beginning of their journey. 

The development forms part of Federal Bank’s efforts to strengthen its digital capabilities and customer-focused services for start-ups, micro, small and medium enterprises (MSMEs), and corporate customers. 

Through digital onboarding, business-focused products and its banking infrastructure, the bank aims to support entrepreneurs and businesses as they establish and expand their operations.