OREANDA-NEWS. November 21, 2012. Shri P. Chidambaram, Hon'ble Union Minister of Finance, Government of India inaugurated the 1000th branch of IDBI Bank in Kannangudi, Tamil Nadu on November 18, 2012. On the occasion, IDBI Bank announced the launch of an attractively priced Education Loan Scheme, encompassing both non-vocational and vocational courses designed largely in line with the Model Education Scheme circulated by Indian Bank Association (IBA). The USP of the loan product is its pricing based on whether the loan qualifies as PSL/non-PSL and not the loan amount making it attractive for the customers. The Loan is finely priced at IDBI Bank’s Base Rate [currently 10.50% p.a.] + 1% [Floating] for loans qualifying as PSL and the Base Rate + 2% [Floating] for loans not qualifying as PSL.

Speaking on this occasion, Shri P. Chidambaram said “I am happy that IDBI Bank has successfully transformed itself into a full-service commercial bank and opened its 1000thbranch today. I am happy to note that IDBI Bank is actively focusing on expanding customized financial solutions, in keeping with customer's economic status so that they can also move up the ladder of prosperity. IDBI Bank has today launched an innovative Education Loan product, which would contribute to nurturing human capital as an economic resource and lead to the development of the society.”

On this occasion, Shri R. M.Malla, CMD, IDBI Bank said “With the inauguration of our Branch by the Hon’ble Union Finance Minister, we have opened 1000 footprints across the country to provide banking &financial services to the Indian populace. The inauguration of this branch is another testimony that shows our dedication to the socioeconomic development of the region. IDBI Bank is always conscious of the fact that economic growth should be inclusive.We see our branches as being the harbingers of positive economic influence in the lives of the underprivileged and those outside the formal financial system.”