IDBI Bank launches various initiatives on the occasion of its 59th Foundation Day

Chandigarh, October 4, 2022: IDBI Bank on the occasion of their 59th Foundation Day launched a slew of initiatives catered towards customer centricity and meeting the needs of the ever evolving financial ecosystem.

The Bank announced its foray into Open Network Digital Commerce (ONDC) for customers and non-customers engaged in trade. ONDC is an open network which will help MSME and other retail merchants to set up their Digital Stores and reap the benefits of digital commerce revolution. The IDBI Bank ONDC Sellers App will enable merchants on-boarding onto the ONDC Platform.

The Bank launched DigiKCC platform for digitization of Kisan Credit Card (KCC) loan process with built-in capabilities for scrutiny of loan application to enable end-to-end digital and paperless journey. Introduced in Maharashtra. This is first-of-its-kind initiative for digitisation of KCC loans and will be gradually extended to other states where digitization of land records is streamlined. 

The Bank also launched WPS (Warehouse receipt Processing System) for an end-to-end integrated digital solution for loans against Ware House Receipts.

The Bank enhanced its mobile banking app, GO Mobile+ to feature special amenities for Senior Citizens under the “Naman” page, including facilities like door-step banking. Giving a boost to its Fintech tie-ups, the Bank has unveiled its Cardless ATM for cash withdrawal from nearby shops.

IDBI Bank also introduced a Repo Linked Fixed Deposit scheme. The Bank announced a Special scheme of “Amrit Mahotsav Rinn Bhugtan Yojana” to boost its recovery efforts through One Time Settlement of NPAs up to Rs. 10 Crores, at attractive terms.