IDBI Bank – The brief information and its features

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IDBI Bank - The brief information and its features

In 1976, it transferred the ownership of IDBI to the Government of India. They made the principal financial institution for coordinating institutions engaged in financing, promoting, and developing industry in India.

How to Apply IDBI Bank net banking:

To apply for IDBI Bank Internet Banking is absolutely simple. Just ask for the Channel Registration Form available at all our branches or download the form and submit the duly filled form at your nearest IDBI Bank branch. As soon as the application is processed, you have the convenience to set your net banking password online. Lets start with history of idbi net banking and about it in further article. 

History of IDBI Net Banking:

  1. Industrial Development Bank of India.
  2. Industrial Development Bank of India Limited.
  3. The merger of United Western Bank with IDBI Ltd.
  4. Change of name of IDBI Ltd. to IDBI Bank Ltd.
  5. A merger of IDBI Home Finance Ltd. and IDBI Gilts with IDBI Bank Ltd.
  6. Re-categorization of IDBI Bank Ltd. as a Private Sector Bank.

Activate IDBI Net Banking Registration Online:

  1. Account Balance.
  2. Account related inquiries and status.
  3. Transaction tracking and history.
  4. Loan Installments and funds flow details.
  5. Statements.
  6. Cheque status.
  7. E-commerce Merchants.
  8. Online Share Trading portals.
  9. AMC selling Online Mutual Funds.

Role of IDBI net banking:

As an apex development bank, the IDBI’s major role is to coordinate other development banks’ activities and term-financing institutions in the country’s capital market.

  1. Here, they provide technical and administrative assistance for promotion, management, and industry expansion, thus performing promotional and development functions.
  2. The Direct Assistance: The IDBI grants loans and advances to industrial concerns. The bank guarantees loans raised by industrial concerns in the open market from the State Co-operative Banks, the Scheduled Banks, the Industrial Finance Corporation of India (IFCI), and other ‘notified’ financial institutions.
  3. The Indirect Assistance: Providing refinancing facilities to the IFCI, SFCs, and other financial institutions approved by the government. The IDBI subscribes to the shares and bonds of the financial institutions and thereby provide supplementary resources.
  4. The activities of financial institutions coordinate for the promotion and development of industries.
  5. The IDBI is the leader, coordinator, and innovator in industrial financing in our country. Its major activity is confined to financing, development, coordination, and promotional functions.
  6. Planning, promoting and developing industries to fill the gaps in the industrial structure by conceiving, preparing, and floating new projects.

Functions performed by IDBI net banking:

  • Thus, the IDBI has shown its particular interest in the development of small-scale industries is demonstrated by the setting up of the Small Industries Development Fund (SIDF) in May 1986, the National Equity Fund Scheme (NEFS) in 1988, and the Voluntary Executive Corporation Cell (VECC) for providing support like equity to tiny and small-scale industries engaged in manufacturing, cost not exceeding Rs. 5 lakhs. The IDBI administrates the scheme through nationalized banks.
  • The available data IDBI has extended about one-third of total industrial assistance to small-sector alone.
  • The IDBI scope has also been extended to cover consulting, merchant banking, and trusteeship activities.

Activate IDBI Bank Net Banking Online:

  • First of all, visit the official website of IDBI net banking from your device.
  • Just tap the button that says ‘Continue to Login’ option.
  • Soon after tapping the button, you will land on the home page of the website.
  • On the main page, you can tap the link that reads ‘Generate Online Password.’
  • On the next page, you need to enter the details that include Customer ID, Account Number, and mobile number.
  • Hit the Submit button.
  • After tapping the submit button, you will redirect to a new webpage.
  • You can find two checkbox buttons that say ‘Generate New Request’ and ‘Process Pending Request’ on that page. 
  • It would help if you chose the first option and hit the Proceed button.
  • You need to type your Debit Card information on the next screen, such as the Debit card number, PIN, and expiry date.
  • Tick the checkbox to accept all the terms and conditions.
  • Lastly, tap the button that says ‘Generate OTP.’
  • You will then receive the request ID and OTP through an SMS to your registered mobile number.
  • Fill in the details in the respective fields and hit the Confirm button.
  • You can set your login password and transaction password on the next screen.
  • Choose ‘Enable Transaction feature’ and tap the confirm button.
  • This is an easy process to create a new net banking account online.
  • That’s all! You have successfully activated or registered your IDBI net banking facility. 

Steps to Download the IDBI bank statement:

  1. To log in to the net banking account using the User ID and Password.
  2. Choosing the ‘operative account statement’ and click on the go button to view the updated account statement.
  3. To select the transaction date range, your account statement format, and click on the ‘Statement’ button.
  4. You will download your account statement in PDF format. Save the download file for future reference.

Conclusion:

The entire term paper explains the role of IDBI in industrial development and foreign investments in India. To conclude, you can say that IDBI is one of the development finance institutions that helped in long-term activities and the societal and short term activities.

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