IDBI Bank on Friday announced a number of new initiatives, products and services on its 7th Foundation Day, including joint-financing of micro, small and medium enterprises (MSMEs) with Small Industries Development Bank of India (SIDBI).
With IDBI Bank's increasing focus towards the MSME sector, it has entered into a special partnership with SIDBI for joint financing of MSME clients across the country, IDBI Bank Chairman and Managing Director R. M. Malla said, while elaborating on the Foundation Day initiatives.
Initially, the co-financing facility would be rolled out in ten centres, namely, 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 extended 7-day banking services to customers in select branches in five cities, that is, Mumbai, Delhi, Chennai, Pune and Bangalore.
The bank will also offer extended banking hours from 8 am to 8 pm in these five cities with a view to providing 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 and the like. Also lined up are exclusive tie-ups.
