IDBI Bank launches 2 new variants of NACH facility for the BFSI segment

By Edil Corneille

Industrial Development Bank of India (IDBI) announced the launch of 2 new variants of the NACH Facility namely E-NACH and B-NACH for corporate customers at large, and more specifically for customers falling under the BFSI segment. With this, the bank will provide a Web based solution, to its corporate customers, to facilitate their interbank, high volume, electronic transactions which are repetitive and periodic in nature.

Rakesh Sharma, MD & CEO of the bank enunciated the need for such industry-specific solutions that add value to customer experience. He further added that being a customer-centric bank, it endeavours to find out such gaps in the customer service delivery process, and consistently work on improving customer satisfaction, by introducing such products.

The bank has mentioned that the launch of the solutions is a step towards adding the product in the digital kitty for corporate customers. Recently, IDBI launched the FASTag Product, which is a digital way of making touch-free toll payments on highways. The bank stated its commitment towards introducing more digital products for its customers to ensure customers make full use of the banking services at their own convenience.

In a press release, IDBI Bank mentioned that it was among the initial few banks who introduced the Cash Management Services (CMS) in India, in the year 2001. It has an in-house CMS Transactions Monitoring and Operations Department, situated at Belapur, Mumbai. The bank offers various CMS Products to its corporate customers viz. API powered Dynamic Virtual Accounts, Host-to-Host, FASTag Acquiring Solution, Bulk Payments Module, E-Freight and BBPS, etc.