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IDBI Bank Ltd. is operating as a full service universal bank that serves the customers from all segments. IDBI Bank has inherited a rich legacy from its predecessor entity - Industrial Development Bank of India - which was an apex Development Financial Institution (DFI) in the realm of industry from July 1, 1964 to September 30, 2004. As a DFI, the erstwhile IDBI stretched its canvas beyond mere project financing to cover an array of services that contributed towards balanced geographical spread of industries, development of identified backward areas, emergence of a new spirit of enterprise and evolution of a deep and vibrant capital market. As an universal bank, IDBI Bank touches the lives of millions of Indians through a wide array of banking products and services. Besides, the Bank has an established presence in associated financial sector businesses including capital market, investment banking and mutual fund business. The Bank’s very business philosophy is characterised by the commitment to provide relevant financial solutions, ensure maximum customer convenience through easy access to branches and ATMs as well as digital offerings and excellence in customer service.
Business area of the bank
IDBI Bank provides a wide gamut of financial products and services encompassing deposits, loans, payment services and investment solutions. It is committed to understanding its customers’ needs and aim at consistently delivering relevant financial solutions and excellent customer service. The bank provides different types of services. Retail banking: It provides a wide range of products and services like deposits, loans, NRI services, demat, pension account, mobile banking, internet banking, investment schemes such as mutual fund, insurance products, bonds, debentures etc. Corporate banking: It provides corporates project finance, film finance, foreign currency loan, working capital finance, treasury products, etc. Agri business and microfinance: It provides finance to agri businesses in the form of dairy loans, farm mechanization loans, financing for fisheries, poultry, piggery, warehouse receipt finance, etc. SME: IDBI Bank also offers products and services to SME sector.
Products/Services of the Bank
Preferred Banking
Savings Account
Kutumb - Family Banking
Flexi Current Account
Corporate Payroll Account
Fixed Deposit & Lockers
Loans
Pradhanmantri Social Security Scheme
Cards
PayApt-Mobile Wallet
24 Hours Banking
FASTag
JusTab
Trusteeship through ITSL
Sukanya Samriddhi Account
Awards and Accolades
IDBI Bank received prestigious awards under APY Prime Championship Cup & APY Formation Day organised by Pension Fund Regulatory & Development Authority (PFRDA).
Ranked 13th amongst 51 banks/ financial institutions, with respect to progress made under digital banking, as per a report by the Ministry of Electronics and Information Technology (MeitY), GoI.
Ranked 3rd in the NSDL Star Performer Awards - 2019 in New Demat Accounts opened under the PSU-Bank Category at NSDL’s 34th DP Conference held in Mumbai.
Conferred BFSI Award under Digital Financial Inclusion category at 4th India Banking Reforms Conclave held at Mumbai for undertaking excellent steps to spread digital financial inclusion in remote areas.
Awarded National Award for its outstanding performance in SHG Bank Linkages 2018-19 (Private Sector Banks Category) under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY – NRLM).
Rajbhasha Award conferred on the Bank’s Zonal Office, New Delhi and Regional Office, Ludhiana by the respective Town Official Language Implementation Committee (TOLIC) for commendable performance in Rajbhasha implementation.
The Bank’s in-house Hindi Magazine ‘Vikas Prabha’ conferred the Best In-House Magazine citation from ‘Ashirvad’ - a renowned literary and cultural organisation.
Officials from the Department of Official Language, Ministry of Home Affairs, GoI, appreciated the inclusive implementation of Hindi in Bank’s working during their inspections.
Milestones
2010
IDBI Bank launched Portfolio Investment Scheme.
2012
IDBI Bank Launched ‘Urban Financial Inclusion Programme’ at Dhobi Ghat.
IDBI Bank Launched 24*7 Loan Monitoring System for its Retail and Corporate Clients.
IDBI Bank Launched MSE Focused Branch in Jalandhar.
IDBI Bank launched India's first online Retail G-Sec Portal.
2013
IDBI Bank Introduced Digital Signature based authentication for Corporate Inet Banking Channel IDBI Bank introduces online PPF Subscription Facility IDBI Bank establishes inland Letter of Credits (LCs) through Structured Financial Messaging System (SFMS) and introduces issuance of BRC in electronic form.
IDBI inked MoC with Exim Bank to co-finance export oriented companies.
IDBI Bank introduced online PPF Subscription Facility.
2019
IDBI Bank has amongst other parties entered Share Purchase Agreement (SPA) with Muthoot Finance (Buyer).
2020
IDBI Bank has become the first lender to enable document embedding feature on a structured financial messaging system (SFMS) managed by Indian Financial Technology and Allied Services (IFTAS).
IDBI BANK FUNDAMENTAL ANALYSIS
Industrial Development Bank of India (IDBI Bank Limited or IDBI Bank or IDBI) was established in 1964 as a wholly-owned subsidiary of the Reserve Bank of India. The company was regarded as a public financial institution and continued to serve as a development Bank for 40 years. On February 16, 1976, the ownership of the company was transferred to the Government of India by RBI and it made the company the principal financial institution for coordinating the activities of institutions engaged in financial, promoting and developing industry in India.
On 31 March 2016, the bank made an aggregate balance sheet size of INR 3.74 trillion. It has 3683 ATMs, 1892 branches, including one overseas branch in Dubai, 58 e- lounges and 1407 centres as of 1 February 2020.
The bank operates in four segments, namely Retail Banking, Treasury service, Wholesale banking and Other banking operations. They have six wholly-owned subsidiaries namely IDBI Home finance Limited, IDBI Gilts Limited, IDBI Intech Limited, IDBI Capital Market Services Limited, IDBI Asset Management Limited, IDBI MF Trustee Company Limited.
IDBI Bank Ltd is one of India's largest commercial banks. They offer personalized banking and financial solutions to their clients in the retail and corporate banking arena through their large network of branches across the country. Their operations are driven by a cutting-edge core banking IT (Information Technology) platform.
MERGERS & ACQUISITIONS
On 8 August 2018, IDBI Bank informed the stock exchanges that Government of India (GoI) has conveyed no objection to the reduction in GoI's shareholding in IDBI Bank below 50%, relinquishment of Management control by GoI in IDBI bank and acquisition of controlling stake in IDBI Bank by Life insurance corporation of India (LIC) as a promoter through professional Issue/ open offer equity commerce subject to requisite and Regulatory approval and compliance with laws.
Earlier, on 16 July 2018 IDBI Bank received a letter from Life Insurance Corporation of India (LIC) expressing its interest in acquiring 51% controlling stake in IDBI Bank, as a promoter through preferential allotment of shares/ open offer. IDBI bank's Board of Directors at its meeting held on 17 July 2018 considered LIC's proposal and decided to see Government of India's decisions in this regard.
SERVICES
IDBI bank is one of the leading banks and financial services groups in India, headquartered in Mumbai. The IDBI Bank provides a vast range of banking and financial services such as deposit accounts, debit cards, credit cards, loan investments, etc.
The banking services provide two types of deposit accounts such as savings account and current account. It offers personalised financial and banking solutions to corporate and retail customers. Bank also offers Flexi current account benefits for customers in their businesses needs.
In day to day livelihood, people come around in need of money to fulfil their dreams, here the work bank starts to help the needy by giving them loans. IDBI has numerous loans such as home loan, personal loan, against property loan, car loan, and education loan.
IDBI offers its customers with investment services like fixed deposit and recurring deposit. In fixed deposits services, Bank offers a flexible tenure ranging from 15 days to 20 years with a minimum deposit of Rs.10,000. Meanwhile, the bank also offers a recurring deposit scheme to its customers with tenure ranging from 1 year to 10 years and for a minimum amount of Rs.100.
IDBI Bank customers can check their account balance, mobile banking, SMS, ATM, Passbook, mini statement, transfer funds, pay bills etc anytime and anywhere through net banking. Customer service of 24 × 7 hours is provided by the IDBI Bank. It has become very easy for people to stay connected with their bank accounts without any worries. One can go cashless anytime and anywhere without any fear, as numerous card services are provided by the bank such as debit cards and credit cards.
MILESTONES
2018 - LIC of India completed acquisition of 51% controlling stake in IDBI Bank all January 21, 2019, making it the majority shareholder of the bank.
2017 - RBI sports 4 public sector banks under watch on NPA concerns.
2014 - IDBI Bank the 1st PSU Bank to Launch EIA facility and IDBI Bank Wins the Golden Peacock CSR Award.
2013 - IDBI inks MoC with Exim Bank to co-finance export-oriented companies - IDBI Bank introduces online PPF Subscription Facility.
2012 - IDBI Bank mutual fund launched a new open-ended fund of funds scheme named âcel IDBI gold fund. IDBI Bank cuts interest rate on home loans, slashes deposit.
ACHIEVEMENTS/RECOGNITIONS
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