IDBI Bank, the public sector lender has signed a MOU with industry body Ficci under which it will offer loans to micro, small and medium enterprises (MSME) at 1% lower interest than the market rates and also charge low processing fee. This MoU would help IDBI Bank in further increasing its reach to the MSME sector. While the faster and easy access to the loans will help the MSME segment to grow rapidly.
Meanwhile, the bank has launched a comprehensive IT system ‘I-DaB’ for Disaster & Business Continuity Management that involves protection of human lives and continuity of critical operations through alternate locations in the event of disasters/disruptions.
The bank posted a fall of 6.53% in its net profit after tax at Rs 518.23 crore for the quarter ended March 31, 2014 as compared to Rs 554.45 crore for the same quarter in the previous year. However, total income of the bank increased by 4.27% at Rs 7866.52 crore for quarter under review as compared to Rs 7543.78 crore for the quarter ended March 31, 2013.
