IDBI Bank 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.
On October 1, 2004, the erstwhile IDBI was converted into a banking company - IDBI Ltd. - to undertake the entire gamut of banking activities while continuing to play its secular DFI role. Desirous of fuelling its business growth, IDBI Ltd. merged its subsidiaries - the erstwhile IDBI Bank, IDBI Home Finance Ltd., IDBI Gilts, the erstwhile United Western Bank Ltd., with itself over a period of time. IDBI Ltd. also changed its name to IDBI Bank Ltd. to reflect its widened business functions.
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
The 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 aims at consistently delivering relevant financial solutions and excellent customer service. The Bank provides a wide range of services on a round-the-clock basis through a wide range of digital channels such as Mobile Banking, Internet Banking, WhatsApp Banking, UPI, Debit Cards, Credit Cards, Point of Sale (PoS) terminals (both physical and digital), Internet Payment Gateway, ATMs, etc.
Products/Services of the Bank
Personal:
- Accounts: Savings Account, Fixed Deposit Account, Salary Accounts, Current Account, Kutumb Family Banking
- Cards: Credit Cards, Debit Cards, Prepaid Cards
- Loans: Home Loan, i_zoomdrive Auto Loan, I_learn Education Loan, Personal Loan, Mortgage Loan and its variants, Loan Against Securities
- Investment: Third Party Distribution, Capital Market, Bonds (GOI & 54EC), National Pension System, Capital Gain Account Scheme, Pradhanmantri Social Security Scheme, Small Savings Schemes
- Tax Payments: Income Tax/TDS, GST, Customs Duty, EPFO, ESIC, Bihar CTMIS, Bihar OGRAS, Chhattisgarh Treasury, Dadra & Nagar Havelli VAT, Daman and Diu VAT, Delhi VAT, Gujarat Commercial Tax, Haryana E-GRAS, Karnataka Commercial Tax, Karnataka Khajane II, Kerala Treasury, Madhya Pradesh Treasury, Maharashtra Stamp Duty & Registration Fee, Maharashtra GRAS, Odisha Treasury, Rajasthan E-GRAS, Tamil Nadu Registration Dept, Telangana Commercial Tax, Uttar Pradesh Commercial Tax and West Bengal GRIPS
- Services: Phone Banking, Mobile Banking, Internet Banking, Merchant Acquiring - General Terms & Conditions of ME Business, Account Alerts, Positive Pay System (PPS), Online NACH Mandate Cancellation, IDBI Bank Soft Token and Model Locker Agreement.
Corporate:
- Assistance: Fund Based Assistance, Non-Fund Based Assistance, Foreign Currency, Corporate Schedule of Facilities
- Cash Management Service: Collection Products, Payment Products, Debt Service Products, Virtual Account System, Host to Host Connectivity
- Treasury: Domestic (Call Money/ Notice Money / Term Money, Commercial Papers (CP), Certificate of Deposit (CD), Government Securities, Treasury Bills (TB), Corporate Bonds, Equities) and Forex (Remittances, Currency Forward Contracts, LTFX, FX-Retail, Currency Options, Swaps, FRA, Currency Exchange and Exchange Traded Derivative Contracts (Currency Futures / Currency Options / Interest Rate Futures))
- MSME: MSME Finance, IDBI Sanjeevani Loan, Property Power (Loan Against Property), Loan to Small Road and Water Transport Operators, Sahaj Vypar Loan, IDBI Loan for Service Sector, i-MSME Express, i-Prompt MSME Renewal, General Credit Card Loan (GCC), IDBI Mudra Loan, Stand up India, PM Street Vendor's Atmnirbhar Nidhi (PM SVANidhi), IDBI Equipment Finance, Sanjeevani Express and GeM Sahay.
Agri:
- Loans: Agriculture Finance (Short Term Loan), Agriculture Finance (Term Loans), Indirect Finance to Agriculture
- Investments: IDBI Samriddhi Portal, Investment Advisory, Capital Market
NRI:
- Accounts: Non-Resident External Deposits (NRE), Non-Resident Ordinary Deposits (NRO), Foriegn Currency Non-Resident (FCNR) Deposits
- Investments: Portfolio Investment Scheme, IDBI Samriddhi Portal, Investment Advisory, Capital Market, Rupee Yield Enhancer
- Services: Remittance Services
Awards and Accolades
2019-20:
- 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.
2020-21:
- The Bank was conferred with the Trusted Brand Award in the Private Bank's Category based on a consumer survey entitled Reader's Digest Trusted Brand, 2020.
- The Bank bagged Infosys Finacle’s Client Innovation Award 2020 for the CMS product ‘Dynamic Virtual Account System’.
- The Bank’s in-house quarterly Hindi Magazine ‘Vikas Prabha’ was conferred three awards from Association of Business Communicators of India (ABCI) during the year. While the Bank received Gold Trophy in ‘Internal Magazine’ category, it bagged Silver in ‘Special Column (Language)’ and Bronze in ‘Features’ (Language) categories.
2021-22:
- The Bank’s in-house Hindi Magazine ‘Vikas Prabha’ was awarded the ‘Best In-House Magazine’ citation from Aashirvad, a renowned literary and cultural organisation.
- The Bank was conferred with the Reader's Digest – ‘Trusted Brand’ Award 2021 in the ‘Private Banks’ category.
- The Bank received the MSME Banking Excellence Award, 2021, from the Chamber of Indian Micro Small & Medium Enterprises (CIMSME) in the categories of ‘Best Private Bank for Promoting Social Schemes’, ‘Best Branding Private Bank’ and ‘Best Innovative Private Bank’.
- IDBI Bank received the ‘APY Exemplary Diamond Award’ from the Pension Fund Regulatory Development Authority (PFRDA) for achieving more than 250 % of the assigned target in the ‘APY Leadership Capital 4.0’ Campaign.
- The Bank was conferred with the ‘FINNOVITI Award – 2022’ for Soft Token, an in-app, secure OTP generation service.
2022-23:
- IDBI Bank was declared winner at the ASSOCHAM 17th Annual Banking Summit & Awards in the categories of Lending, Non-Lending and Overall Champion for mid segment bank class.
- IDBI Bank was conferred as one of the Best BFSI Brands – 2023, at the 6th edition of the Economic Times Best BFSI Brands 2023 Conclave.
- The Bank’s in-house quarterly Hindi Magazine ‘Vikas Prabha’ was conferred with Best In-House Magazine citation from ‘Ashirvad’ - a renowned literary and cultural organization.
- IDBI Bank was bestowed with ‘Elite Quality Recognition Award 2022’ under the Straight Through Processing (STP) category for US Dollar Payments by J. P. Morgan in recognition of its operational efficiency in processing straight through online payments and quality of payment messages.
- IDBI Bank was conferred with two awards viz. Leader in Online Fraud Detection and Online Fraud Risk Management Team of the Year at the India Fraud Risk Management Summit & Awards 2023 organised by the Business Media Company, Synnex Group.
2023-24:
- IDBI Bank was conferred with the ‘Digital Initiative of the Year’ Award for electronic Bank Guarantee at the BFSI Tech Summit and Awards 2023.
- Pension Fund Regulatory and Development Authority (PFRDA) bestowed the Bank with a trophy and an Award of ‘Par Excellence’ for its performance in the Leadership Pinnacle APY and the Big Believers Campaigns respectively.
- IDBI Bank won the ‘Domestic Liquidity Management Initiative of the Year’ Award at the Asian Banking & Finance Wholesale Banking Awards 2023.
- The Bank’s in-house quarterly Hindi Magazine ‘Vikas Prabha’ was conferred with the Best In-House Magazine citation from ‘Aashirwad’ - a renowned literary and cultural organization.
- IDBI Bank was bestowed with the ‘Elite Quality Recognition Award 2023’ under the Straight Through Processing (STP) category for US Dollar Clearing by J. P. Morgan.
- The Bank was declared winner for the 'Best Digital Initiatives' and runner up for the 'Best Risk & Cyber Security Initiatives' and 'Best Product/Service Innovation' at the ASSOCHAM 18th Annual Summit and Awards.
2024-25:
- IDBI Bank was conferred with the 'Best IT-Risk Management’ Award and two citations for ‘Best Digital Sales, Payments & Engagement’ and ‘Best Fintech and DPI Adoption’ at the 20th IBA Banking Technology Conference & Citations 2024.
- IDBI Bank was awarded the 'PCI DSS 4.0.1 Compliance Certificate', recognizing its dedication towards data security and compliance excellence.
- IDBI Bank was bestowed with the ‘Elite Quality Recognition' Award 2024, for Outstanding Achievement of Best-in class MT103 Straight Through Processing (STP) for both US Dollar and EURO Clearing by J.P.Morgan.
- The Bank’s in-house quarterly Hindi Magazine ‘Vikas Prabha’, was awarded shield and citation for the Best In-House Magazine by ‘Ashirwad’ - a renowned literary and cultural organization.
- IDBI Bank was adjudged the Runner Up in 'Best Digital Performance & Innovations' and 'Best ESG Initiatives' in the Large & Mid-Sized Bank segment at the ASSOCHAM 19th Annual Summit & AwardsBanking & Financial Lending Companies.
- IDBI Bank was conferred with the 'Best Data Quality Award' by Transunion CIBIL for Private Banks under the Commercial Segment.
- IDBI Bank was recognized as the ‘Best Private Sector Bank – Highest Throughput’ in the event 'SAMAAH' by M1 Xchange for its exceptional contribution to the TReDS platform, set up by RBI to empower MSMEs.
- IDBI Bank was ranked 4th globally among Banks in the ‘Social Media Power 100’ published by The Financial Brand.
Milestones
2010:
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:
2020:
2020-21:
- Bank saw 42% growth in its digital transactions and 47% growth in the mobile banking users during pandemic.
- Bank has updated its mobile banking app ‘GO Mobile+’ by adding new functionalities such as LIC premium payment, online demat account opening, option of regional languages, introduction of Deals-n-Delight (an online marketplace platform), card-less cash withdrawal, implementation of UPI 2.0 etc.
- Bank has also enabled additional features in its internet banking facility such as instant online registration for retail users, implementation of positive pay system, round-the-clock RTGS system for corporate customers, online verification of electronic payment advice for Public Financial Management System (PFMS) agencies, e-mandate registration, etc.
- Bank has successfully launched the National Common Mobility Card (NCMC).
- Bank has also launched virtual debit card on all three card issuance networks, viz. Visa, Mastercard and RuPay.
- Bank has enabled all cash and gift cards with EMV-chip as well as with PayWave (Tap-n-Go) transaction facility.
- Bank has signed an agreement with LIC Cards Services Ltd. for issuance of co-branded gift cards with the brand name ‘Shagun’.
- Bank has upgraded its ATM Switch to improve transaction security and faster transaction processing. Also, steps have been taken to rationalise the number of ATMs to maximise interchange income.
- Bank has implemented enhanced security measures such as acceptance of EMV chip card, anti-skimming devices, replacement of One Time Combination (OTC) locks and terminal security solution at ATMs.
2021-22:
- Bank posted 62% growth in the digital transactions and 98% growth in the UPI transactions during FY 2021-22.
- Bank has updated its Mobile Banking application, viz. Go Mobile+, by adding a number of new features such as biometric-based login option, soft token-based authentication as an alternate to One-Time Password (OTP), option for setting transaction limits for Debit/ Credit Cards for PoS, e-commerce, contactless & ATM transactions, option for applying for and recharging of FASTag, facility of enrolment for Atal Pension Yojana (APY), re-KYC facility, option for sharing receipt of transactions, progress indicator to display the progress of the transaction.
- Bank has enabled additional features in its Retail Internet Banking Facility, which includes Real Time Gross Settlement (RTGS) option for payments, soft token-based authentication as an alternate to OTP, option for opening & premature withdrawal of fixed deposit, online opening of Demat account, facility for setting limits for Credit Card transactions, addition of nominee in recurring deposit, etc.
2022-23:
- Bank has implemented Real Application Cluster (RAC) in the Core Banking System (CBS) to improve performance and resilience.
- Bank has upgraded the entire private cloud hardware and software to meet the increasing needs of the business for just-in-time provisioning of IT infrastructure resources.
- Bank has deployed the latest analytics solution which uses the latest storage and server hardware.
2023-24:
- In order to improve its customer experience on net banking, Bank introduced new features such as enhanced IMPS functionality, ASBA IPO for HNI clients, fraud and dispute reporting and facility to view Central Know Your Customer Registry (CKYC) number, etc.
- Bank has upgraded its WhatsApp Banking facility to offer key features like hotlisting of Debit Card, generation of Tax Deducted at Source (TDS) certi cate, re-KYC and personalised promotional messaging.
2024-25:
- Bank has successfully commissioned the Central Bank Digital Currency (CBDC). This product is developed on containerised platform which provides the Bank with the flexibility to scale the product on demand. The product also leverages the Blockchain technology for end-to-end visibility, traceability and monitoring of digital transactions.
2025-26:
- IDBI Bank launches Special OTS Scheme - “Sugam Rinn Bhugtan Yojana (SUGAM) - II”.
- IDBI Bank launches Retail Loan Utsav across 310 branches.
