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IDBI Bank to enter insurance business

VIJAYAWADA NOV. 8. IDBI Bank, one of the leading private sector banks having connectivity facility in 65 cities, would soon enter the insurance business. The bank would be introducing various new products and insurance would be one of them, bank's human resource department head, Ulhas Deshpande, told reporters here after inaugurating the IDBI Bank branch here today.With the opening of the branch in the city, the bank's network in Andhra Pradesh would be increased to four with ten ATMs.

Mr. Desphande said the bank had mobilised deposits of Rs. 4,000 crores last year and it would touch 35 per cent more than last year in the current financial year. As part of its expansion programme, the bank was contemplating to open more branches in the State to cater to the needs of the customers, he added.

Mr. Desphande said the bank had also introduced mobile phone banking in most of its branches. The bank earned a net profit of Rs. 52 crores last year. — PTI

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