Industrial Development Bank of India (IDBI) is working on plans to establish an international presence as part of a process to convert itself into a universal bank. There is demand from the Indian business units to have support from the financial institutions in the overseas arena, where they (companies) have a substantial presence, IDBI chief general manager Kameshwara Rao said at a seminar on financial sector joinly organised by Indian merchants chamber and investors' grievances forum in Mumbai on Saturday.
IDBI could either establish a branch network abroad or look for an Indian bank having international presence, he said adding, eventually three Indian financial entities - IDBI, State Bank of India and ICICI bank would have global presence. On regulation of the financial sector, Rao said there are many regulatory bodies and coordination among them is necessary for smooth functioning of universal banks.
Unit Trust of India executive director B S Pandit said India's largest fund manager had begun process to centralise investors record at the data centres in Navi Mumbai and 54 branches have been linked through the network to access unit holders information. UTI has also revamped its website which would be used for providing access to unit holders to provide information on portfolio, he added.

Bureau Report