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Industrial Bank of India has firstly been known as Development Financial Institution (DFI). It has been regarded as a Public Financial Institution based on Section 4A of Companies Act, 1956. This institution was later known as a bank in 2004. Nowadays, it has its headquarters in Mumbai and has been known as a financial service company that can be seen to be owned by the Indian Government. This bank has been acknowledged as one of largest commercial banks in India which has been offering financial solutions and personalized banking.
Background of IDBI
Industrial Bank of India (IDBI) bank has been seen to be operating as a universal bank in India in order to help different customers. It has been seen that IDBI Bank has developed based on its predecessor who has been known as Development Financial Institution (DFI). DFI has been seen to enter the industrial market on 1st July 1964 and has continued its operation till 30th September 2004.DFI has been seen to provide only financing of projects whereas IDBI stretched its service list beyond project financing and has been seen to add an array of services to its service list. These services have been seen to be more focused on spread of industries to different geographical locations. These services also include development of areas that have been identified as backward areas when comparing these areas to nearby and neighbouring areas. These services being focused on industrial growth has enabled different organisations to evolve into a vibrant and deep capital market. IDBI has been seen to be converted into a banking sector on 1st October 2004 under the name of IDBI Ltd. This conversion of DFI to IDBI Bank Ltd has been seen to occur in order to cover a complete range of different banking activities besides playing its role as DFI. In order to prosper more in business, IDBI Ltd has been seen to merge subsidiaries into one. These subsidiaries include IDBI Bank, IDBI Gilts, United Western Bank Ltd and IDBI Home Finance Ltd. After this merger, IDBI Ltd has changed its name to IDBI Bank Ltd in order to show its customers its different business functions.
IDBI Bank Ltd has been seen to provide a wider array of services to all customers and this characteristic has helped IDBI Bank Ltd to rise in market. This Bank has also been seen to have a well-developed reputation in different financial sectors and it has helped them in increasing their customer base. This bank has also been seen to have a well-developed reputation in mutual fund and capital markets. Main philosophy of this bank has been seen to be commitment to providing financial solutions in order to ensure customer convenience by providing easy access to them. IDBI Bank Ltd has been committed to this philosophy as ATMs and branches have been seen to be easily accessible and customer service and digital offerings of this Bank have also been seen to be of excellent quality. IDBI Bank Ltd has also been seen to be committed to their work and has set a goal to emerge as “most trusted and preferred bank for all stakeholders by enhancing value”.
Key Products of IDBI
IDBI Bank Ltd has been seen to offer different types of accounts to its customers. Some of these types are known as preferred accounts, Power plus accounts and Royale accounts. Aside from these accounts, IDBI Bank Ltd has also been seen to provide different types of Savings accounts to its customers. In terms of Savings accounts, Super savings account, Supershakti account, Jubilee plus account are noteworthy. Supershakti savings account of IDBI Bank Ltd has been seen to be offering different features to women of India whereas Jubilee plus savings account has been seen to be providing different offers to senior citizens of India. Opening and maintaining a current account has also been seen to be possible in IDBI Bank Ltd. Different corporate accounts for payroll have also been seen in this bank, out of which Star salary account, Prime salary account, Pride salary account and Imperial salary account have been worth mentioning.
Apart from offering different types of accounts to its customers, IDBI Bank Ltd has also been seen to offer different other features which include different types of loans, different types of cards, 24-hour banking, Pradhan Mantri Social Security Scheme, Just tap, Sukanya Samridhi, Trusteeship (ITSL) and mobile wallet. IDBI Bank Ltd has been seen to do business of around 25 Crores in Indian Rupees per employee and had a net profit of around 12 Lakhs per employee in 2013. Balance sheet of IDBI Bank Ltd in 2016 shows total business around Rs. 4, 80, 614 Crore.
Conclusion
A detailed discussion of the background of IDBI Bank Ltd has been concluded in this article. This discussion on the background of IDBI Bank Ltd has concluded early stages of this organisation to where this organisation is standing now. This transition has been helpful to have a clear idea of the background of IDBI Bank Ltd. Different key services have also been concluded in this article which has been helpful in understanding the commitment of IDBI towards its philosophy.
