IDBI Bank's value added services

By Our Corporate Reporter

CHENNAI, NOV. 12. IDBI Bank is offering value added services such as free ATM facilities, Internet, phone and mobile banking. This has resulted in the customer base swell from 1.60 lakhs to 3.70 lakhs. It also offers demat services at free of cost. The customers are required to remit only the NSDL charges for the transactions, said Mr. J. Venkataramanan, Regional Head, retail banking, South, at a press conference here in connection with the announcement of opening of three ATMs and Internet banking in Chennai. The bank plans to open 28 ATMs before March 31, 2002. At present there are 115 ATMs all over India. These will be doubled to 300 before March next.

The retail banking initiatives on expansion of non-branch channels and forming of business alliances have also gathered pace. The bank has tied up with India Post for providing loans against NSCs, purchase of NSCs on Internet and installing ATMs at select India Post sites.

Mr. R. Narasimhan, Regional Head, corporate banking, South said the bank had six corporate branches in Chennai, Coimbatore, Hyderabad, Bangalore, Madurai and Vizag. He said it was proposed to have corporate windows in Cochin and Tiruchi. The southern region contributed 30 per cent of the share to the total business of the bank. The bank was planning to add new products such as cash management system, channel financing, treasury and derivative products, he said.

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Section  : Business
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