Bhubaneswar, June 10: The first bank branch of the private sector IndustrialDevelopment Bank of India (IDBI) was launched in Orissa on Saturday. Thebank offers a wide range of innovative products. The new branch, the 42nd inthe country, was inaugurated by National Aluminium Company Ltd (NALCO)chairman-cum-managing director P Parvathisem in the presence of the bank'smanaging director, Deepak Mukherjee.Mukherjee, later addressing a news conference said that the bank operated ona high technology platform sourced from among the best banking technologyand software providers in the world while offering world class products toits clientele.
The bank, jointly promoted by the IDBI and Small Industries Development Bankof India (SIDBI), offered innovative products such as moneysave - savingsaccount, moneyaccess - 24 hour ATM banking, moneyflex - a flexible depositoption, moneyxpress - instant electronic transfer of funds and the e-secaccount which allowed customers to hold shares in electronic form besidesmoneyline - anywhere banking, Mukherjee said.
IDBI held 57 per cent share in the bank against 14 per cent by the SIDBI, heinformed.
The bank also provided several loan products including instant overdraftfacility against fixed deposits, housing loan, educational loan and loansagainst Demat shares and several other personal loan products.
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