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Last updated date: 23rd May 2024
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IDBI- History and Background

IDBI net is not a difficult topic to grasp. However, without going deep into what is IDBI, you won’t understand what exactly is IDBI. The full form for IDBI is Industrial Development Bank of India, established in the year 1964. The headquarters of IDBI is located in Mumbai. Its parent consortium is Life Insurance Company (LIC). The reason for establishing IDBI is to help struggling industries financially and provide many other facilities of credits to them. The main motive to run IDBI is to provide financial help and support for credit assistance to the industries that need help.

At the start, IDBI was continued to run as an RBI subsidiary, but as time passed RBI went through transfer and now runs under the Government of India (GOI).

Introducing IDBI Net

IDBI net is a new online platform. IDBI net’s online platform is provided to its customers for their benefits. It is a platform that allows IDBI net banking. Alike many other banks that give the facility for e-banking, IDBI has also started to give a few new services for customer’s benefits.

With the constant evolution of the digital world, it has become an essential need of the time to provide customers facilities for their benefit. . However these facilities are possible through any successful bank. Having a good internet connection, an area to work, and an IDBI account you are good to go for IDBI e-banking.

Significance of the IDBI E-Banking 

IDBI e-banking gives two types of online platforms for e-banking. One is the informative platform and another one is the transacting platform. 

The informative platform contains the websites and apps that is to serve the information about the bank.

Some of the information which is getting served is the name of the bank, objectives, motive, year of set up etc. While the transacting platform provides customers to do financial transactions of banking via online mode.

The following are significant for using IDBI Net:

  1. Industries get the benefits of less transaction cost via using the IDBI e-banking services. Other than that they can do their work by sitting inside the home which eventually saves the traveling cost.

  2. By going for IDBI e-banking, all the paper-work related to banking is reduced by a lot percentage. And this is occurred because of the internet transactions which leads to less usage of paper.

  3. All the online transactions in e-banking are computerized and they run on sequences of algorithms. So online transaction leads to a lesser amount of mistakes done by a human. Human mistakes may have customer error. Employee’s mistake, banking fault etc.

  4. As everything highly based on online everyone is using online facilities over offline facilities. IDBI net has become essential to many industries. The increase of industrial usage made it a trustable bank for the customers.

  5. Industries that are situated in remote areas of the country can easily access to IDBI services. They just need a good internet connection and a device for accessing the service. IDBI has tried to make it possible for everyone. IDBI plays a big role in being the bridge for connecting with financial barriers.

  6.  IDBI e-banking allows you to enjoy lower prices, fewer mistakes, fewer fraud activities because of the e-banking which ultimately a big reason for increased productivity.

The Function of IDBI Net

IDBI internet services have a few essential functions:

  1. IDBI provides industries to have the facility of industrial bill payment for customer

  2. IDBI banking plays an effective role in managing credit rates for customers benefits.

  3. IDBI allows customers of getting loans easily and allows to lend fund to the borrower of industries.

  4. IDBI banking allows customers to have the facilities for B2B Payments.

  5. IDBI banking access the loan application‘s approval as soon as possible. 

  6. IDBI baking provides employee benefits as well as account aggregation and management for pensions. 

  7. It allows the planning and for the promotion of industries present in India with the benefits of the country.

  8. It allows loans to the customer to repay within 15 years.  

  9. IDBI regulates the supervision for other operating financial institutions like ICI, UTI, LIC etc.

Products Offered by IDBI

There are many products which are served by IDBI some of them are :

In IDBI Personal Banking:

  • Loans

  • Savings Accounts

  • Flexible Current Accounts

  • Credit cards

  • Debit cards

  • Corporate accounts 

  • FDs'

  • Lockers 

For IDBI Agriculture Banking:

  • Financing for agricultural purposes

  • Allied services

  • Loans based on terms for agricultural sectors

Other than this IDBI also offers loans to corporate sectors and has a specific sector which is for the NRI banking sector. IDBI bank has various awards and recognition for its services.

FAQs on IDBI Net

1. IDBI Bank is for Only Industrial Customers or Individual Customers as Well?

Ans: IDBI gives the benefits not only to industrial customers but also to individual customers. IDBI banking gives its offers to individuals who require loans to start any business for them. If a person is trying to develop a plot be it an agricultural plot of land or for any other official purpose, IDBI gives the loans for such a reason. 

Also, they have a various amount of accounts for children and women benefits served by the Government. It is useful for everyone which allows minimizing the mistakes during bank work by doing it in online mode rather than in offline mode.  

2. What is IDBI Bank and What We Know about it?

Ans: IDBI's full form is the Industrial Development Bank of India. It was set up in 1964 by a different banking act and the bank was started operating in 2004. The main motive of IDBI bank is to provide financial help to the people who are struggling financially best in the industrial sector or agricultural sector or for any individual customer. 

The headquarters of IDBI is situated in Mumbai and it runs throughout in regions areas in Kolkata, Mumbai, Delhi, Mumbai, and Chennai. It is a highly trustable bank. It has maintained its trust among customers for years. It’s gained an immense level of respect for its services among India