OREANDA-NEWS. IDBI Bank has been establishing inland Letters of Credit (LCs) through Structured Financial Messaging System (SFMS) developed by Institute for Development and Research in Banking Technology (IDRBT), Hyderabad.

The Bank implemented the SFMS system in all its 40 Specialised Trade Finance Branches for issuance of LCs as per the directive of the Ministry of Finance with effect from January 1, 2013. SFMS is a highly secured messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian version of electronic financial messaging system similar to SWIFT (Society for World-wide Interbank Financial Telecommunications), which is used for international interbank messaging and payments. IDBI Bank is also fully ready for issuance of Bank Guarantees using the SFMS platform.

IDBI Bank is one of the first few banks to introduce issuance of Electronic Bank Realisation Certificate of Export Realisation (e-BRC). The process envisages direct uploading of digitally signed e- BRC covering export realisation details to DGFT’s site thereby making the process of settlement of export related benefits / incentives faster and hassle free.

IDBI Bank is the youngest, new generation, public sector 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 1032 branches and 1612 ATMs. The Bank had an aggregate balance sheet size of Rs. 2,73,199 crore and total business of Rs 3,57,582 crore as on December 31, 2012. IDBI Bank's operations during the 9 month period ended December 31, 2012 resulted in a net profit of Rs. 1328 crore. The Bank’s operations during the last full financial year (2011 - 12) had yielded a net profit of Rs. 2032 crore.