IDBI Bank joins the credit card bandwagon

 

 

Nearly nine years after becoming a full-fledged commercial bank, IDBI Bank has decided to issue credit cards to its customers. The Mumbai-headquartered bank intends to issue around five lakh cards in three years — one lakh in the first year and two lakh cards each in the following two years. The public sector bank, which currently has a base of more than 10 million customers, will be issuing EMV (Europay, MasterCard and Visa) chip cards with magnetic stripes. EMV is a global security standard for microprocessor chip card technology. This ensures that the credit card is not only accepted anywhere in the world but is also better protected against fraudulent activities. Since many merchant establishments in the country still have credit card payment infrastructure (terminals) that accept cards with magnetic stripe, the bank has decided to issue EMV cards with magnetic stripe. The category of credit cards that the bank plans to issue are: Platinum, Signature and Corporate. For foraying into the credit cards space, IDBI Bank is planning to engage the services of a third party service (TPS) provider for providing end-to-end solutions for credit card issuance under the outsourced model.

IDBI Bank 10th Foundation Day

Today IDBI Bank is celebrating its 10th Foundation Day. Previously it was an financing body for development of Industries known as Industrial Development Bank of India. Converted to general bank and changed name to IDBI Bank. As the government holds 51% shares of the bank its public sector bank. But it is working as private sector bank only.Fruitful 9 years of dedicated service to the nation has been rendered. We congratulate the bank on its 10th foundation day.

Motilal Oswal, IDBI Bank team up for online trading facility

Motilal Oswal Securities Ltd and IDBI Bank on Tuesday announced that they were entering into a strategic alliance to provide online trading facility to the bank’s customers. IDBI customers now have the option of investing in equities, derivatives and IPOs using Motilal Oswal’s online trading platform. On the trading front, Motilal Oswal will provide the bank’s customers instant order/trade confirmation, single margin for equity/IPO/derivatives, “buy now sell tomorrow” and “after market hours” order placement facilities and margin benefit on hedged positions. Corporation Bank has tied up with IL&FS, Religare and Reliance Money; Asit C. Mehta has an arrangement with Union Bank while Bank of India has tied up with Anand Rathi. This is the second such partnership that Motilal Oswal has got into; where last year it had tied up with SBI Bank.