IDBI Bank launches Portfolio Investment Scheme

IDBI Bank has launched Portfolio Investment Scheme (PIS), a product that would enable NRIs / PIOs to invest in secondary capital market in India. The product would be available to existing customers of IDBI Bank as also other NRIs at designated branches of IDBI Bank across the country. IDBI Bank is one of the few Banks to offer this service. The product was launched at a conference held in Kochi attended by leading Brokers and select Non-Resident Indians.

Speaking on the occasion, Shri C.S Jain, Head – Personal Banking Group, IDBI Bank Ltd. said that the launch of the scheme complements the existing bouquet of Products / Services being offered by the Bank to NRI clientele. Shri Debashish Mallick, Chief General Manager, mentioned that the Bank would offer the product to NRIs / PIOs on both online and offline modes and they can invest either on repatriation or non-repatriation basis.

About IDBI Bank Ltd.
IDBI Bank Ltd. is a universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 706 branches and 1,168 ATMs. The Bank had a balance sheet size of Rs.2,03,311 crore as on December 31, 2009. IDBI Bank's operations during the nine-month period ended December 31, 2009, resulted in a net profit of Rs.713 crore.