Bank signs MoU for joint-financing of MSMEs with SIDBI
- 8 am to 8 pm banking in 5 cities
- Extending 7 days banking services to more branches
- Launch of ‘Women International Debit Card'
- Cash back offer for 4 months
- Reduction in interest rate and processing fee for auto loans
- Salary Account with built in Overdraft facility
On its 7th Foundation Day, IDBI Bank has come out with a number of new initiatives, products and services for its customers.
Elaborating on the Foundation Day initiatives, Shri. R.M.Malla, CMD, IDBI Bank, said "Our Bank's focus has always been on how best to increase customer delight in all their interactions with us. To further enhance our close relationship with all our customers we are delighted to introduce a slew of new measures on IDBI Bank's 7th Foundation Day."
IDBI Bank has extended 7 days banking services to customers in select branches in 5 cities i.e. Mumbai, Delhi, Chennai, Pune and Bangalore. Bank will also offer extended banking hours from 8 am to 8 pm in the said 5 cities with a view to provide convenience to its customers.
A specifically designed ‘Women International Debit card' is also being launched for its 'Super Shakti' account holders. It is a special variant of a normal debit card with attractive features like insurance cover, loyalty points on point-of-sale (POS) spends, etc. Also lined up are exclusive tie-ups.
A cash back offer for 4 months i.e. up to January 31, 2011 on Bank's debit cards for offline as well as online transactions.
IDBI Bank has recently introduced in-built overdraft facility for salary account holders. The product offers OD facility at highly competitive rates.
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For Auto Loan product during the period October 01 to November 30, 2010 there would be a discount of 50 bps in interest rate across all segments as also 50% reduction in processing fee for Segment C and D vehicles.
With IDBI Bank's increasing focus towards the Micro, Small & Medium Enterprises (MSME) sector, it has entered into a special partnership with the Small Industries Development Bank of India (SIDBI). The two institutions have entered into a new and exclusive MoU for joint financing of MSME clients across the country. Initially, the co-financing facility would be rolled out in 10 centres viz., Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Indore, Jaipur, Lucknow, Ludhiana and Rajkot and subsequently, would be extended across the country. Common documentation would be done under pari passu basis, which would facilitate MSME clients to get funds smoothly. Financial assistance would be given where working capital would be provided by IDBI Bank and term loan by SIDBI (beyond a certain level by IDBI Bank).
IDBI Bank has always gone beyond the immediate business objectives to work for the betterment of the society. As part of the Foundation Day initiatives, the following activities are being undertaken: blood donations camp at HO and several other locations; health related activities; student related activities; tree plantation and animal health check ups.