IDBI Bank to accept Digital Signature for its corporate net banking customers

PRLog (Press Release) - Mar. 20, 2013 - MUMBAI, India -- IDBI Bank, a new generation PSU Bank, has partnered with eMudhra Consumer Services Ltd. (eMudhra), a licensed Certifying Authority (CA), to implement Digital Signature based authentication solution to strengthen and further secure its Corporate Inet Banking channel. IDBI Bank Corporate Inet Banking users now have the option to use a Digital Signature Certificate (DSC), procured from a Certifying Authority, to authenticate and digitally sign online transactions. IDBI Bank has taken the lead to expeditiously implement the solution following recent directives from RBI to Banks emphasizing upon digital signature enabled electronic banking transactions.

Digital Signature Certificate (DSC) is a PKI based asymmetric cryptography technology using 2048 bit advanced encryption standards. The information, which is digitally signed using a DSC, ensures authenticity, non- repudiation, confidentiality and integrity of the data transmitted.

The solution builds trust and enhances security in the electronic banking system thereby enhancing comfort and confidence of both, the customer and the Bank while undertaking Third Party Funds Transfers and Bulk Transaction uploads.

About IDBI Bank

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 1046 branches and 1668 ATMs. The Bank had an aggregate balance sheet size of about Rs.2,75,000 crore and total business of about Rs.3,60,000 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.