IDBI Bank

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IDBI Bank is one of the leading commercial banks of India. It has been in existence for more than 40 years. It was incorporated on 1 July 1964 as the Development Financial Institution (DFI) and continued its operations under this name till 30 September 2004. During this period,
it played a major role in helping the country stand on its feet and was a major name in the domain of developmental finance. From 1 October 2004, it became a complete commercial bank. In its role as a DFI, it did not limit itself to just project financing; it also focused on balanced industrial development all across India. A major point in its history came when IDBI Bank merged with IDBI Ltd., which also happens to be its parent company, on 2 April 2005.

Performance in General

After its latest merger with the United Western Bank on 3 October 2006, IDBI is now regarded as a top notch name among the new generation banks of India. Most of its shares are held by the Indian Government and it caters to millions of consumers with a wide range of services in both corporate and retail segment. It also operates in the agricultural and SME sectors, which are very crucial for the overall development of the Indian economy. The bank is well-known for its confident strategy-making and owes much of its success to its devoted and capable employees.

IDBI Bank Management

IDBI Bank is headed by M.S. Raghavan, who acts as its Chairman and Managing Director. It has two Deputy Managing Directors – B.K. Batra and M.O. Rego. Other important members of its management team are Snehlata Shrivastava, Pankaj Vats, P.S. Shenoy, S. Ravi and Ninad Karpe.

Recent Initiatives

IDBI Bank and the National Payments Corporation of India (NPCI) have recently entered into a partnership deal. Together, they will be introducing the RuPay Platinum Debit Card, which will primarily serve Indian consumers, merchants and banks. The benefits of the RuPay debit card are product platform flexibility and high acceptance level. This may be seen as a step by the publicly-owned organization to foster the idea of transactions using cards and remain competitive. The holders of the RuPay Platinum Debit Card will be able to gain economic, quick and safe access to a wide array of ATMs, e-commerce websites, POS terminals, etc.,all across India.

IDBI, in association with the Life Insurance Corporation of India (LIC),is supposed to execute the Pradhan Mantri Jeevan Jyoti Bima Yojana and has also enacted a Memorandum of Understanding (MoU) for the same. This benefit will be provided to people who are currently having accounts at IDBI Bank. In a statement, IDBI has also clarified that the insurance scheme was primarily announced by PM Narendra Modi in order to deal with crucial social challenges by way of ensuring social security.

Products and Services

The products and services of IDBI Bank are offered under five different heads – Personal, Corporate, MSME, Agri and NRI banking.

IDBI Personal Banking

In the Personal Banking segment, IDBI offers the following products and services:
  • Preferred Banking
  • Loans
  • Savings Account
  • Cards
  • Flexi Current Account
  • 24-Hour Banking
  • Corporate Payroll Account
  • Trusteeship through ITSL
  • Fixed Deposit and Lockers

IDBI Corporate Banking

In the Corporate Banking segment, IDBI offers the following products and services:
  • Fund based Assistance
  • Trade Finance
  • Non-Fund based Assistance
  • Government Business
  • Cash Management Services
  • Foreign Currency
  • Treasury

IDBI MSME Banking

In the MSME Banking segment, IDBI offers the following products and services:
  • MSME Finance
  • Vendor Finance Program
  • Restructuring/Rehabilitation Policy
  • Laghu Udhyami Credit Card
  • Finance to Medical Practitioners
  • Loans to Professionals and Self-Employed
  • Property Power (Loan against Property)
  • SME Smart Line of Credit
  • Loans to Small Road and Water Transport Operators
  • Funding under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) (Collateral Free Loans)
  • Sulabh Vyapar Business Solutions
  • General Credit Card Loan (GCC)

IDBI Agriculture Banking

In the Agriculture Banking segment, IDBI offers the following products and services:
  • Agriculture Finance (Short-Term Loans)
  • Allied Activities
  • Agriculture Finance (Term Loans)
  • Indirect Finance to Agriculture

IDBI NRI Banking

In the NRI Banking segment, IDBI offers the following products and services:
  • Accounts
  • Remitting Funds
  • Preferred Banking
  • Rupee Yield Enhancer

2013-14 Financial Performance

IDBI Bank had Rs. 3,28,997 crore in its balance sheet as of 31 March 2014. Its business size – taking into accounts the advances and deposits – runs up to Rs. 4,33,460 crore.

Important Achievements

The following table presents a list of awards that the IDBI Bank has won in the last few years:

AwardYearAwarding Ceremony
SKOCH Order of Merit for CSR2014SKOCH Financial Inclusion & Deepening Award
Best Corporate Social Responsibility Practices in Banking Category in Banking Sector2014Lokmat Banking, Financial Services & Insurance (BFSI) Awards
Award for Best Corporate Social Responsibility Practices in Banking Category2014Responsible Business Awards
Golden Peacock Award for Corporate Social Responsibility in the Banking (PSU) Category2013
Third Annual Greentech CSR Award in Platinum Category2013
Best Corporate Social Responsibility Practices in Banking Category2014ABP Banking, Financial Services & Insurance (BFSI) Awards
Silver Award for documentary named ‘Taru Zameen Par’2014PRCI Corporate Collateral Awards
ADFIAP Awards2014
Second Annual Greentech CSR Award in Silver Category2013

Contact Address of IDIB Bank

Registered Office:
IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.
Contact No : (+91-22) 6693 7000
Official Website: http://www.idbi.com/index.asp
Debit Card Blocking Toll Free number : 1800-22-6999
Customers 24 X 7 Phone Banking numbers : 1800-200-1947, 1800-22-1070



Last Updated on April 29, 2015