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IDBI Bank brings paperless account facility for NRIs

Tuesday, April 16, 2019, 6:22 PM

The Non-Resident Indians (NRIs) living in nearly 40 countries will now be able to open account in IDBI Bank without submitting paper documents, the lender said on April 16. IDBI Bank has launched 'NRI-Insta-Online' account opening process for NRIs residing in Financial Action Task Force (FATF) member countries, it said in a release.
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RBI imposes penalties on IDBI, Dena Bank

Sunday, March 3, 2019, 7:11 AM

The RBI has imposed a monetary penalty of Rs.3-crore on Union Bank, Rs.2-crore on Dena Bank, and Rs.1-crore each on IDBI and the SBI for non-compliance with various directions, regulatory filings said Saturday. In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs.20-million on it for non-compliance with the directions issued on February 20, 2018.
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IDBI may now become LIC IDBI Bank or LIC Bank

Tuesday, February 5, 2019, 5:01 PM

The board of IDBI Bank proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation. Last month, the insurance behemoth completed the acquisition of 51 percent controlling stake in IDBI Bank, marking the entry of more than 60 years old state-owned insurer into the banking space.

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