IDBI&GIC

PRESENTED

BY

B.SAIKIRAN

(12NA1E0036)

IDBI Bank Ltd.

http://www.idbi.com/

About IDBI:

The Industrial Development Bank of India Limited commonly known by its acronym IDBI. It is one of India's leading public sector banks and 4th largest Bank in overall ratings. RBI categorized IDBI as an "other public sector bank". It was established on July 1, 1964 by an Act of Parliament .The main aim behind setting up of IDBI was to provide credit and other facilities for the Indian industry, which was still in the initial stages of growth and development. The Industrial Development Bank of India (IDBI) was established under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.

Mission :

Delighting customers with our excellent service and comprehensive suite of best-in-class financial solutions;Touching more people's lives with our expanding retail footprint while maintaining our excellence on corporate and infrastructure financing;Continuing to act in an ethical, transparent and responsible manner, becoming the role model for corporate governance;Deploying world class technology, systems and processes to improve business efficiency and exceed customer’s expectations;Encouraging a positive, dynamic and performance-driven work culture to nurture employees grow them and build a passionate and committed work force;Expanding our global presence;Relentlessly striving to become a greener bank.

Corporate Payroll Account

Imperial Salary AccountCrown Salary AccountStar Salary AccountPrime Salary AccountPride Salary AccountsIndian Army Salary AccountsIndian Navy Salary Accounts

Savings AccountSuperSavings AccountSuperShakti (Womens) AccountJubilee Plus(Senior Citizens) AccountBeing Me AccountPower Kidz AccountSabka Savings Account (Relaxed KYC)Sabka Basic Savings Account (Complete KYC)Pension Savings Account (Central Govt. Emp)Capital Gain Account Scheme

24 Hours BankingPhone BankingMobile BankingInternet BankingAccount AlertsPayMate

Preferred BankingRoyale AccountPreferred AccountPowerPlus Account

Preferred BankingRoyale AccountPreferred AccountPowerPlus Account

Product:

Product (Cont.): CardsPreferred Revision in Debit Card Loyalty PointsIDBI Bank Magic CardBeing Me Debit CardInternational Debit-cum-ATM CardGold Debit-cum-ATM CardIDBI Bank Cash CardIDBI Bank Gift CardWorld / Global Currency CardKids Debit CardPlatinum CardDebit Card OffersWomen's Debit CardCash at POS Facility

LoansHome LoanHome Loan Interest SaverAuto LoanEducation LoanPersonal LoanLoan Against PropertyLoan Against Property (Overdraft)Loan Against Property (Interest Saver)Loan for Commercial Property PurchaseLoan Against Rent ReceivablesLoan Against SecuritiesReverse Mortgage Loan

Fixed Deposit & Lockers

Freedom DepositSuvidha Tax Saving Fixed DepositSuvidha Suraksha Recurring DepositRecurring DepositGodhuli Retail Term DepositFloating Rate Term DepositIDBI Bank Lockers

Contact Us :

Registered Office:IDBI Bank Ltd.IDBI Tower, WTC Complex,Cuffe Parade, Colaba, Mumbai 400005.

Swift: IBKLINBB Customers can contact our 24 X 7 Phone Banking numbersfrom any Landline / Mobile number, our Toll free numbers are as follows:1800-200-19471800-22-1070

Debit Card Blocking Toll Free number: 1800-22-6999

Our Non-Toll Free number: (+91-22) 6693 7000Contact number for outside India customers: (+91-22) 6693 7000

Anti-Corruption Hotline: 1800-22-8444 (10.00 am to 6.00 pm)

General Insurance

• Insurance is classified into Life and General• Any insurance other than human lives comes

under the scope of General Insurance• It is preferable to call this as General Insurance

instead of non-life insurance• There is vast scope and the market is trying to

cope up with the demands of the market• Insurance penetration is improving in India and

being the second largest developing economy in the world the scope is huge

Insurance in India

• Marine insurance was being practiced in India from the beginning of 19th century

• Offices were established in Kolkatta which was the centre for East India Company

• Fire insurance followed in 1825 at Madras• Swadeshi movement also had its impact on Insurance

and first Indian Company was formed in 1907 – Indian Mercantile Insurance Company

• Need to control insurance business was felt by the British government which introduced the Insurance Act in 1938 and Insurance Rules in 1939

Development in 1970• Life Insurance business was nationalised in India in the year

1956• General Insurance business was being done by 106 companies

including LIC (GI)• On May 13th 1971 an ordinance was promulgated taking state

control of general insurance business with custodians in charge• In 1972 GI Nationalisation act was passed allowing the

formation of GIC as the holding company and with 4 subsidiaries each having its Head Office at one metro

• 1st Jan 1973 GIC and 4 companies were formed taking in them 106 companies and the 4 PSUs were taking care of the general insurance business in the country till 2000 totally. GIC on its own was also writing aviation and crop business besides becoming the National & Asian Reinsurer

• The objective of nationalisation was to spread insurance to nook and corner of the country and to utilise people’s money for the people’s good thus uplifting the socio economic condition of the country

Insurers now licensed by IRDA• LIFE INSURERS• 1. Bajaj Allianz• 2. Birla sun life• 3. HDFC Std life• 4. ICICI Prduential• 5. ING Vysya• 6. LIC• 7. Max New York Life• 8. Metlife• 9. Kotak Mahindra OM• 10.SBI Life• 11.TATA-AIG Life• 12.Reliance Life• 13.AVIVA life• 14.Sahara India life• 15.Shri Ram Life• 16.Bharti AXA Life

• GENERAL INSURERS• 1. Bajaj Allianz• 2. ICICI Lombard• 3. Iffco-Tokio General Insurance• 4. National Insurance• 5. New India Assurance Company• 6. Oriental Insurance• 7. Reliance General Insurance • 8. Royal Sundaram Alliance• 9. TATA-AIG General• 10.United India Insurance • 11. Cholamandalam MS General• 12. HDFC Chubb General• 13. Export Credit Guarantee• 14. Agriculture Insurance Company• 15. Star Health & Allied• Sompho/ Shri Ram General/AXA/

Apollo DKV

Basic Principles of General Insce• Insurance is a legal agreement entered

between Insured and Insurer due to which due to the consideration, the Insurer agrees to indemnify the Insured, for the loss or damage or liability created due an accident which is covered under the policy subject to the terms and conditions of the contract

• All insurance policies are subject to the warranties, conditions and clauses of the policy contract and claims will be settled accordingly

Basic principles• UTMOST GOOD FAITH- which is embodied in all

insurance contracts and appears in the conditions of the policy documents.

• Since only the Insured who is the owner/possessing the property he/she needs to declare the details which are to be considered by the Underwriter. To obtain the requisite details the Insurer arranges all questions in order in the proposal form so that he/she knows where to look for the required details. Material fact is the detail of the risk which will influence the mind of the Underwriter to accept/reject; and if to accept the rate /terms at which the risk is to be accepted.

• Duty of disclosure is on the proposer/Insured and if wilful concealment/ non-disclosure of facts could be established the claim if any could be denied

Underwriting and claims

• Offer and acceptance- Proposal is studied by the Underwriter who then quotes the premium terms, warranties and conditions

• Once accepted by the proposer and premium is paid, the cover note is issued. Later on policy document is issued.

• Alterations/ changes are effected by endorsements• Claim is being processed to take into account the salvage,

under-insurance and excess under the policy and many times to deduct the additional premium for restoring the sum insured to the original level by charging the additional premium on the claim amount paid from the date of loss till the date of expiry.

• Claim will be subject to getting the subrogation rights preserved against the third parties responsible for making good the loss and transferring the same to Insurers

Conclusion:

• I conclude that these two are the one of the most financial institutions which are developing by introducing a lot of schemes to the public for there safety of future period.