May 1, 2003 * Federal Bank Fed Net Banking payment option now available on CCAvenue

May 1, 2003. There is good news for Federal Bank Fed Net Banking Account Holders. You can buy goods and services of over a thousand of CCAvenue's appointed merchants sites and pay directly through your Federal Bank Fed Net Banking account. This is now possible because Federal Banks latest tie-up with CCAvenue.com, India's first neutral online payment gateway.

THE FEDERAL BANK LTD. is a regional banking giant with strong national presence and global reach. From its humble beginning as Travancore Federal Bank Ltd. almost 5 decades ago, Federal Bank has grown to become India's largest private sector bank and is now the largest scheduled commercial bank in Kerala. Today it has more than 2 million account holders and has more than 400 branches worldwide. It has strong patronage of NRI Community and NRI deposits constitute 28 % of its total deposits. In the year 2000, Federal Bank launched its Internet Banking Facility "FedNet", which is hugely popular with NRI's based in the Middle East. This facility is now live and available as part of the ever expanding bouqet of payment options from CCAvenue.

Mr. Vishwas Patel, CEO of CCAvenue.com mentioned, "We had been in talks with Federal Bank for quite some time. To us, this tie-up is a very exciting event, as this will give our merchant members businesses to reach a whole new set of resident Indian customers; and the numerous NREs and NRIs who hold Federal Bank in high esteem."

CCAvenue's merchants have further access to thousands of Federal Bank's FedNet account holders. This itself is a fair reflection of the huge need gap that this online payment gateway service is filling. With the markets showing a gradual upswing, CCAvenue seems to be charting the right path, as it quietly builds its network for the better times to come.