IDBI Bank deposits up

NEW DELHI, NOV 16: IDBI Bank, promoted jointly by IDBI and SIDBI as a new generation private sector bank primarily for meeting the banking r...

NEW DELHI, NOV 16: IDBI Bank, promoted jointly by IDBI and SIDBI as a new generation private sector bank primarily for meeting the banking requirements of the corporate sector, has completed three years on November 13. Propelled by the corporate mission of providing financial products and services to meet global standards, the bank has made significant strides in the development of business.

Operating from a high technology platform, the bank is responsive to the diverse requirements of its clients and is constantly making efforts to raise the thresholds of quality and service.

The bank’s deposits grew from Rs 505 crore as on March 31, 1997, to Rs 2,515 crore on September 30, 1998 and the advances increased from Rs 495 crore to Rs 1,175 crore during the same period.

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On its third anniversary, the bank opened three more semi-urban branches — at Margao (Goa), New Panvel (Maharashtra), and Sarakki Lake (Karnataka) — taking the tally of branches to 25, including five semi-urban branches. The networking ofbranches through advanced communications enables the bank to offer a distinctive advantage of `anywhere banking’ to its customers.

With technology sourced from one of the best vendors in the world, the bank is strategically positioned to offer a package of products and services that will revolutionise conventional banking. `Round-the-clock’ access to money through ATM’s, telebanking, interactive banking with remote log-in are some of the products which are available to the bank’s customers.