IDBI Bank promotes priority sector lending, retail banking and trade finance
Updated: Sep 05, 2013 06:03:14pm
Mumbai, Sept 5 (KNN) The IDBI bank has constantly endeavoured to cater to the diverse needs of its MSME clients and has developed innovative and user-friendly products and services to promote their growth in the sphere of industry and services.
This was highlighted in address of the IDBI Bank Chairman M S Raghavan during the 9th Annual General Meeting of shareholders held here on September-4. The bank is also celebrating 50 epoch making years.
“Your bank signed MoUs with CRISIL and SMERA to provide credit rating related services to MSME clients; a MoU with SIDBI for offering loan syndication services to the sector and a MoC with EXIM Bank with a view to co-finance, co-arrange and syndicate rupee and foreign currency loans to eligible export-oriented companies, particularly in the MSME sector,” Raghavan said pointing to their efforts towards priority sector lending.
As far as retail banking is concerned, he said the bank has pursued strategic initiatives aimed at bringing about higher growth in retail business segment in conjunction with special emphasis on mobilisation of higher CASA deposits.
“In FY 2012-13, your bank added 104 new brick and mortar branches, taking the total branch network to 1076 as on March 31, 2013,” he said, pointing out to the fact that the bank has expanded its ATM network from 1542 in March 2012 to 1702 in March 2013.
Further to improve customer satisfaction, the bank offers a range of liability, asset, capital market and third party products and has designed new products besides unveiling other customer friendly initiatives.
Moreover, it has strengthened its alternate banking channels such as ATMs, internet banking, mobile banking, etc.
“Leveraging technological advances in alignment with the needs of modern age, your bank initiated a number of tech-savvy, customer-friendly initiatives for customers, including but not limited to online opening of savings bank accounts in certain categories, online PPF subscription facility, extending NEFT facility to walk-in customers up to a certain limit, online loan application facility with tracking system for home loans, auto loans, personal loans and education loans and an automated loan originating system (LOS).
IDBI has implemented a Digital Signature Certificate based authentication solution to strengthen Corporate I-net banking channel. It has also contributed towards awareness building of customers with regard to cyber frauds and about security measures.
Raghavan also spoke about the new Trade Finance Centre that was made operational in Mumbai, taking the total number of TFs to 40. The TFs are enabled for establishing inland letters of credit through structured financial messaging system (SFMS) developed by the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. It is also ready to issue bank guarantees using the SFMS platform.
The bank is among the first to introduce issuance of Electronic Bank Realisation Certificate of Export Realisation (e-BRC). (KNN/ES)
This was highlighted in address of the IDBI Bank Chairman M S Raghavan during the 9th Annual General Meeting of shareholders held here on September-4. The bank is also celebrating 50 epoch making years.
“Your bank signed MoUs with CRISIL and SMERA to provide credit rating related services to MSME clients; a MoU with SIDBI for offering loan syndication services to the sector and a MoC with EXIM Bank with a view to co-finance, co-arrange and syndicate rupee and foreign currency loans to eligible export-oriented companies, particularly in the MSME sector,” Raghavan said pointing to their efforts towards priority sector lending.
As far as retail banking is concerned, he said the bank has pursued strategic initiatives aimed at bringing about higher growth in retail business segment in conjunction with special emphasis on mobilisation of higher CASA deposits.
“In FY 2012-13, your bank added 104 new brick and mortar branches, taking the total branch network to 1076 as on March 31, 2013,” he said, pointing out to the fact that the bank has expanded its ATM network from 1542 in March 2012 to 1702 in March 2013.
Further to improve customer satisfaction, the bank offers a range of liability, asset, capital market and third party products and has designed new products besides unveiling other customer friendly initiatives.
Moreover, it has strengthened its alternate banking channels such as ATMs, internet banking, mobile banking, etc.
“Leveraging technological advances in alignment with the needs of modern age, your bank initiated a number of tech-savvy, customer-friendly initiatives for customers, including but not limited to online opening of savings bank accounts in certain categories, online PPF subscription facility, extending NEFT facility to walk-in customers up to a certain limit, online loan application facility with tracking system for home loans, auto loans, personal loans and education loans and an automated loan originating system (LOS).
IDBI has implemented a Digital Signature Certificate based authentication solution to strengthen Corporate I-net banking channel. It has also contributed towards awareness building of customers with regard to cyber frauds and about security measures.
Raghavan also spoke about the new Trade Finance Centre that was made operational in Mumbai, taking the total number of TFs to 40. The TFs are enabled for establishing inland letters of credit through structured financial messaging system (SFMS) developed by the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. It is also ready to issue bank guarantees using the SFMS platform.
The bank is among the first to introduce issuance of Electronic Bank Realisation Certificate of Export Realisation (e-BRC). (KNN/ES)
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