IDBI Bank announces better cash management facilities
By The bank is in a positio | 13 Jan 2003
Chennai: IDBI Bank has announced the launch of the 'disbursement module' of its 'cash management services,' which, according to the bank, offers additional features to its corporate customers.
The bank is in a position to print instruments such as cheques, demand drafts (DD) and pay orders on behalf of its corporate customers, capture the signatures on the instruments and deliver them to the beneficiaries, either electronically or physically.
The bank can also issue these instruments for its partner banks. For example, a corporate customer can have a DD printed on a nationalised bank's stationery at IDBI Bank, provided the nationalised bank is a 'partner bank' of IDBI Bank.
Says IDBI Bank head (CMS and corporate liabilities) Nirmal Khaderia: The 'insta pay' facility, which is a part of the solution, facilitates instant payouts at multiple locations against a central payment instruction. Since the issuance is immediate, corporate funds need not get blocked in advance.“
