IDBI Bank launches multi-currency remittance facility

The youngest public sector lender IDBI Bank has launched a multi-currency remittance facility to make payments in miscellaneous currencies,taking its remittance offering to over 125 bills.

The facility offers transparency to the customers in terms of exchange rates and insulates against subsequent volatility,the bank said in a release.

The facility will be available to all customers of IDBI Bank for both trade and non-trade payments at its all branches.

The bank has an aggregate balance sheet size of Rs 2,84,729 crore as on December 31,2010 and in the nine month ended December 2010 the bank had a net profit of Rs 1,134 crore. It has 802 branches and 1,354 ATMs.