On October 04, 2022, IDBI Bank Limited (IDBI Bank), a private sector bank, introduced a number of initiatives aimed at customer centricity and meeting the demands of the ever-evolving financial ecosystem on the occasion of their 59th Foundation Day.
- In order to facilitate trade between customers and non-customers, the Bank announced its entry into Open Network Digital Commerce (ONDC). The IDBI Bank ONDC Sellers App will allow merchants to join the ONDC Platform.
Open Network Digital Commerce (ONDC):
ONDC is an open network that will assist the Ministry of Micro, Small & Medium Enterprises (MSME) and other retail merchants in setting up their digital stores and gaining the advantages of the digital commerce revolution.
- It is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry (MoCI).
Other Initiatives Launched by IDBI Bank:
i.DigiKCC Platform: It is a platform for digitizing the Kisan Credit Card (KCC) loan application process, with built-in tools for loan application review to provide a fully digital and paperless process.
- This first-of-its-kind effort for digitizing KCC loans was launched in Maharashtra and will be extended to other states where land record digitization is streamlined.
ii.WPS system: The Warehouse Receipt Processing System (WPS), an integrated end-to-end digital solution, is used to finance loans secured by warehouse receipts.
iii.‘GO Mobile+’ Mobile App: The “GO Mobile+” mobile banking app will include specific amenities for senior citizens under the “Naman” page, such as door-step banking.
iv.Cardless ATM: The Cardless ATM for cash withdrawal from nearby shops will help its Fintech partnerships.
v.Besides, the Bank unveiled a Repo Linked Fixed Deposit scheme.
vi.The Bank also introduced a Special Scheme named the “Amrit Mahotsav Rinn Bhugtan Yojana” to help accelerate its recovery efforts through the attractive One-Time Settlement of NPAs up to Rs. 10 Crore.
Recent Related News:
The Reserve Bank of India (RBI) has allowed non-financial institutions and non-regulated entities to own more than 40 % stake of IDBI Bank Limited. The Union government and Life Insurance Corporation (LIC) wanted to sell 51 % – 74 %stake in IDBI through the strategic divestment process.
About IDBI Bank Ltd:
MD & CEO – Rakesh Sharma
Establishment – 1964
Headquarters – Mumbai, Maharashtra
