IDBI Bank Limited

COMPANY PROFILE

IDBI Bank Ltd was set up in September 1994 by IDBI in association with SIDBI as private sector commercial bank subsidiary.

IDBI, the tenth largest development bank in the world promoted excellent institutions in India. A few of such institutions built by IDBI are The National Stock Exchange (NSE), The National Securities Depository Services Ltd. (NSDL), and Stock Holding Corporation of India (SHCIL) etc

As of 31stMarch, 2008, IDBI’s delivery channels comprised 499 branches, and 725 ATM’s spread across 307 centre’s evidence of its efforts to spread its wings across the country.

Objectives of the executive training

• To understand the environment of  the company

•To familiarize with the type of work

•To understand the environment of  the company

•To familiarize with the type of work

•To get the insight knowledge of the company

•To understand the operation of banks

•To sell the company’s product

•To learn various marketing & financial technicalities

•To  understand various financial products

•To understand the people and the market

Target/ task Assigned

The primary task includes :

• Business development of all the relevant products of the bank, finding new markets of finance business, & marketing strategies

• Collecting the customer database.

• Maintaining daily record, parties contacted and follow up action taken  for the business development and follow up done  on the instructions given by the management.

• In the ongoing month of May target is to sell 5 saving accounts worth Rs 5000/- each and mutual funds as well as FD’s 7 & current account

Strategy / methodology adopted

•Methods adopted includes:

•Visiting corporate offices

•Door to door calling

•Visiting shopping malls and pitching products to walk in customer

•Tele calling

•Doing promotional activities at various places

Achievements

• Got to know various financial products and the  operations    of the bank v vGained a lot of confidence. Understood the market  and developed  some marketing skills.

• 7 to 8 leads in hand and sold saving a/c. & 2 mutual funds SIP’s

Limitations

There were many constraints in achieving the task and target assigned by the bank. These are as under:

• Firstly there is less number of ATM’s as compared to other banks

• Secondly there were many people having negative mindset. After making them fully   understand the product it was impossible to convince them.

• Thirdly people are more comfortable in opening account which is nearest to their homes and offices.
• Fourthly loyal customer of existing banks feels uncomfortable in purchasing the products of other banks
• Fifthly minimum 5000/- AQB is required for maintaining the account but masses prefers zero balance account.
• Sixthly there is less brand awareness of IDBI bank as compared to other banks such as ICICI, SBI etc.