Federal Bank , in collaboration with fintech company Scapia, has introduced a groundbreaking add-on credit card that offers unprecedented autonomy to family members. This new offering allows primary cardholders to issue up to three additional cards under a shared credit limit, addressing a significant gap in the Indian credit card market.

Key Features of the New Add-On Credit Card

• Individual Control: Each add-on user receives separate virtual and physical cards
• Digital Access: Individual app access and OTPs for each user
• Transaction Visibility: Separate transaction visibility for primary and add-on users
• Reward System: Independent earning and redemption of reward points
• Onboarding Process: Fully digital with instant virtual card issuance
• Physical Card Delivery: Within a week of application

Empowering Family Members

The new credit card solution aims to provide more financial independence to family members who traditionally had limited control over add-on cards. Anil Goteti, Founder and CEO of Scapia, emphasized that this product addresses the limitations in the Indian credit card market where add-on users typically had restricted autonomy.

Strategic Partnership

This launch is part of Scapia's 'travel-first fintech' approach, which integrates payments, travel rewards, and experiences. Virat Diwanji from Federal Bank highlighted that the partnership focuses on creating customer-centric credit experiences, combining financial empowerment with convenience.

Implications for Cardholders

The innovative features of this add-on credit card offer several benefits to families:

This new offering from Scapia and Federal Bank represents a significant step forward in the credit card industry, potentially setting a new standard for family-oriented financial products in India.

Federal Bank has recently executed a significant corporate action, allotting equity shares to employees under its stock option schemes. This move, aimed at incentivizing and retaining talent, involves the issuance of shares across two different employee stock option (ESOS) programs.

Details of the Allotment

The bank has allocated a total of 3,98,444 equity shares, each with a face value of Rs. 2. The distribution of these shares across the two schemes is as follows:

Key Points of the Allotment

• Date of Allotment: November 2, 2025
• Approval Authority: Nomination, Remuneration, Ethics and Compensation Committee
• Allotment Condition: Shares were allotted after receiving payment from the allottees

Implications

This allotment of shares under the employee stock option schemes serves multiple purposes:

1. Employee Retention: By providing equity ownership, Federal Bank aims to foster a sense of belonging and long-term commitment among its employees.

2. Alignment of Interests: Stock options help align the interests of employees with those of shareholders, potentially leading to improved overall performance.

3. Talent Attraction: Robust ESOS programs can be a key factor in attracting top talent in the competitive banking sector.

4. Capital Structure: While the allotment increases the number of outstanding shares, it's important to note that the impact on the overall capital structure is relatively small given the bank's size.

This corporate action reflects Federal Bank's ongoing commitment to its human resources and its strategy to create value for both employees and shareholders. As the banking sector continues to evolve, such initiatives may play a crucial role in maintaining a motivated and skilled workforce.