History of IDBI Bank limited [OLDs]
1994
- The Bank was Incorporated on 15th September, under the Companies Act, 1956. The Bank was granted a `in principle' licence by RBI to carry on banking business in India.
- IDBI Bank was promoted by IDBI & SIDBI, two of India premier financial institutions.
- IDBI was set up as a wholly owned subsidiary of RBI to provide credit and other facilities for development of industry.
1995
- The Bank introduced several state-of-the-art electronic products such as EFT, ATM & Telebanking.
1996
- The Bank was included in the Second Schedule to the RBI Act 1934 as a 'Scheduled Commercial Bank' vide GOI Gazette Notification dated 2nd January.
- IDBI holds 8,00,00,001 No. of Equity Shares & SIDBI 2,00,00,000 No. of Equity shares out of total paid up capital of 10,00,00,012 No. of equity shares of Bank.
- The Bank works on a centralised Technology platform which automatically gives its customers 'Anywhere Banking' facilities.
1997
- The bank has nine branches in the country including one in Chandigarh which was opened a year back.
- IDBI bank, the youngest of new private sector banks in the country, will focus on manufacturing mid corporates for its lending activities.
- IDBI Bank was the last entrant in Calcutta where it opened its first branch recently.
- IDBI has signed a $150-million line of credit [LoCs] with the Export Import Bank of Japan [Exim-Js] at Tokyo. The LoC will be available for financing Indo-Japanese joint ventures.
- IDBI Bank is likely to launch electronic payment collection services shortly for collection of electricity bills.
- IDBI Bank proposes to set up 35 collection centres in Chandigarh for collecting bills by issuing Electronic Cards to its Acc. holders.
- IDBI Bank has launched three of its fully automated range of customer friendly services at its Hyderabad branch on March 23, on the eve of completing two years of business operations in the twin cities.
- The bank also launched its telebanking service with the brand Money Dial for enabling the customer to access his Acc. from the local branch of bank all over the country irrespective of branch he banks with.
1998
- IDBI Bank launched the round-the-clock ATM facility with the brand Money Access at its Hyderabad branch, facilitating the customer with features such as cash withdrawal, deposit, cheque deposit, balance enquiry & mini statement.
- IDBI Bank is all set to introduce the first offsite Automatic Teller Machine [ATMs] in the city.
- American Express Bank has entered into a strategic alliance with IDBI Bank.
- After a year-long stalemate, Industrial Development Bank of India [IDBIs] & United Bank of India [UBIs] have agreed to release funds for the ailing Ashok Paper Mills at the instance of industry ministry.
- IDBI Bank has opened three more semi-urban branches at Margao [Goas], New Panvel [Maharashtras] & Sarakki Lake [Karnatakas] on its third anniversary. This takes its tally of branches to 25 including five semi-urban branches.
- The Industrial Development Bank of India [IDBIs] will enter the private placement market to raise over Rs 1,500 crore at 13.75 per cent for five years.
- IDBI Bank, has filed a prospectus with Securities & Exchange Board of India [SEBIs] for making a public issue of four crore equity shares.
1999
- IDBI Bank is offering four lakh equity shares of Rs 10 each at a premium of Rs 8 per share.
- IDBI Bank is the first to open a public issue Acc. in the new year.
- The Industrial Development Bank of India [IDBIs], one of premier Development Financial Institutions [DFIs] in the country would fund voluntary retirement schemes for manpower rationalisation of companies.
- IDBI bank has linked up with the Swadhan automatic teller machine [ATMs] network of Indian Banks' Association [IBAs]. With this, IDBI Bank customers, who have access to its 28 ATMs countrywide, will be able to transact through an additional 107 ATMs situated at Mumbai.
- IDBI Bank will thus be the first new generation private sector bank to come out with a credit card.
- IDBI Bank is gearing up to provide sophisticated technology-based products like Internet banking, smart cards, electronic bill payment and Web-enabled ATMs.
- The bank had recently launched a subsidiary general ledger [SGLs] facility for corporates dealing in government securities.
- A `P1+' rating has been assigned to the certificates of deposits programme of IDBI Bank Ltd.
- IDBI Bank, promoted by IDBI & SIDBI, will be launching two new products -- Money Exclusive, a private banking services, & a credit card.
- IDBI Bank Ltd is launching its credit card & a premium product for high net-worth individuals.
2000
- The bank enters into an agreement with the corporate to pay it the amount due & takes the liability onto its books. The corporate thus does not have to worry about recovering its dues from the customer.
- IDBI Bank signed an agreement with Gemplus & Worldwide Smart Net to launch smart cards-based solutions & Worldwide Smart Net to deliver Multi Application Payment Chip Operating System smart cards for its India-wide electric pursue roll-out.
- IDBI Principal AMC, the 50:50 joint venture mutual fund of IDBI and Principal Financial Service of US, proposes to come out with a set of innovative schemes focusing on retirement planning.
- IDBI Bank has launched `Money Home', a housing loan product with a fixed rate & floating rate option.
- IDBI Bank launched its pioneering 'smart card' product under the brand MoneySmart at Renukoot in Uttar Pradesh.
- IDBI Bank, promoted by Industrial Development Bank of India and the Small Industries Development Bank of India, has opened a branch in the city the fourth in Tamil Nadu.
- IDBI Bank has launched MoneySmart smart card for commercial transaction in Mumbai.
- IDBI-Principal Asset Managment Co. Ltd., a 50:50 joint venture between IDBI & Principal Financial Group, launched 'Future Goals', a basket of four schemes.
- The Bank has kicked off its restructuring programme by setting up corporate & retail banking divisions in addition to an e-commerce team.
- The Two house journals of IDBI - Shree Vayam & Vikas Prabha have won eight prizes at the 40th Annual Awards nite organised by the Association for Business Communicators of India.
- IDBI Bank is to launch mobile banking as part of its retail banking initiatives.
- IDBI Bank has opened its 6th ATM in Chennai after the success of its centres at Greams Road, Alwarpet, Nelson Manickam Road & Ambattur.
- IDBI Bank has tied up with Infosys, Reuters & Synergy Log-In to revamp its technology platform in line with its new focus area of retail banking.
2001
- IDBI Bank, launched MoneyMobile, its wireless application protocol and short massaging service mobile banking services, simultaneously at Bangalore, Kolkata, Delhi, Hyderabad, Indore & Mumbai.
- The Bank has tied up with American Express whereby Amex cardholders can access IDBI Bank ATMs to withdraw cash.
- The bank has launched a new brand identity marking the bank's strategic foray into retail banking.
- IDBI Bank has launched a retail investment product for retirees and voluntary retirement seekers.
- IDBI Bank has extended its mobile banking service to 15 more cities.
- IDBI is in talks with LIC & GIC to warehouse a part of its stake in IDBI Bank, a subsidiary of IDBI. This was stated by IDBI acting CMD S K Chakrabarty after the AGM here on June 29. LIC has already entered into an MoU with Corporation Bank for promoting bankassurance. LIC has picked up a 12 per cent stake in it from the capital market & plans to hike its stake to 27 per cent.
2002
- M S Verma re-appointed as Chairman and Director of IDBI Bank.
- IDBI Bank Ltd has informed BSE that the remuneration committee of Comp. has allotted 54680 equity shares of Rs 10 each pursuant to exercise of employee stock options granted to employees.
-Mr.Sanjeev Kapoor appointed as Comp. Secretary of IDBI Bank.
- IDBI Bank has forged an alliance with MTNL in Delhi to help the Acc. holders of bank to pay their phone bills through ATMs & Internet.
- IDBI Bank has unveiled two new products for small & medium business clientele in Andhra Pradesh. Extra things offered with these new service packages include sweep in facility linked to fixed deposits, local cheque book, personalized payable at par cheque book, monthly statements by courier & e-mail, phone banking, third party transfers by way of Internet banking for free of cost.
2003
- IDBI Bank Ltd notifies that Mr Gunit Chadha, Managing Director and CEO of Bank will retire at the end of his tenure on August 21, 2003 & doesn't seek to extend his current contract as Managing Director and CEO.
-IDBI Bank limited informs that Industrial Development Bank of India [IDBIs] has notified nomination of Mr. A K Doda, Executive Director, IDBI, as its Nominee Director on the Board of Bank, , in place of Mr. T M Nagarajan. Further, Mr. Shekhar Bajaj has demitted his office as Director of Bank.
-IDBI Bank unveils the Depository Services so as to provide economic services to its demat Acc. holders.
-IDBI Bank Ltd launches an Integrated Fund Management Product.
-IDBI Bank launches Disbursement Module of its Cash Management Services to offer additional features to its corporate customers.
-IDBI Bank launches the free cash pick up services for its premium Acc. holders.
-IDBI Bank has deployed 'VistaFin' an enterprise wide relationship management platform.
-IDBI Bank ties up with Baja Allianz General Insurance to offer unemployment insurance cover along with the housing loans.
-Bank launches Mobile Refill services through its ATM & SMS banking called 'Easy Fill'.
-Bank takes over the Depositary service business of Marthan Securities.
-Euronet Services India Ltd along with IDBI Bank unveils its first independent shared ATM network.
-IDBI Bank Ltd signs a Share Purchase Agreement with Tata Finance Ltd.
- Dr D B Phatak demitted his office as Director of Bank wef October 19, 2003 in accordance with provisions of Banking Regulation Act 1949.
-Appointed Dr. Prathap Reddy as Additional Director of Bank.
-IDBI Bank has got the green signal to proceed with its plan of raising Rs 154 crore through rights issue.
- IDBI arm IDBI Homefinance has mop up $20 million by way of commercial borrowings for purpose of diversifying its portfolio.
-Shareholders of bank has approved to amend the Object Clause of its Memorandum of Association by way of Postal Ballot at the Annual General Meeting
-Industrial Development Bank of India has acquired the entire shareholding of Tata Finance Ltd [TFLs] in Tata Homefinance Ltd [THLs] at par forming 99.99% of equity capital of THL
-The banks seniormost executive & acting CEO, Ajay Bimbhet, has resigned.
-The bank has tied up with Andhra Bank for creating a shared ATM network
-GV Nageswara Rao, the current managing director of IDBI Capital Markets Services, is likely to take over as the new managing director of IDBI Bank.
-IDBI Bank Ltd has informed that pursuant to the approval received from Reserve Bank of India, the Board of Directors of Bank at its meeting held on December 23, 2003 have appointed Mr GV Nageswararao as Managing Director and CEO of Bank, for a term of 3 years.
2004
- Acquires call centre equipment from BNP Paribas
-IDBI Bank on January 15 said that it has entered into a business-to-business [B2Bs] e-commerce arrangement with oil major Bharat Petroleum Corporation Ltd [BPCLs] to provide an automated payment & purchase process to the BPCL corporate & industrial clients.
-IDBI Bank unveils first dedicated loan centre in Hyderabad
-Raised Rs 130 crore through non-convertible bonds priced at 6.5 per cent from the corporate bond market
- IDBI Bank forges alliance with Directorate General of Foreign Trade [DGFTs] to offer payment gateway for exporters & importers
-IDBI Bank launches electronic data interchange [EDIs] payment mechanism & transaction arrangement with Vizag Port Trust [VPTs], offering automated payment gateway to port users
- IDBI Bank unleashes a multi-currency prepaid travel card in association with Visa International, especially suited for corporate executives travelling abroad
-Ties up with Western Union for instant funds transfer
-Birla Sun Life Insurance has entered into a bancassurance partnership with IDBI Bank
-IDBI Bank, NSDL ties up for e-tax payment facility
-IDBI Bank ties up for Visa transactions with Jammu and Kashmir Bank to launch a platform for state merchant establishment.
-IDBI Bank partners with Coal Mines Provident Fund
2005
-IDBI Bank introduces online direct tax payment facility in Hyd
-IDBI Bank mulls ties with AP, Karnataka for tax collection
2006
-IDBI Bank Ltd has appointed Smt. Preeti Yardi as its Nominee Director with effect from December 14, 2006 on the Board of Directors of Comp. in place of Shri. S V Gangakhedkar.
