IDBI Bank has received the Best Public Sector Bank (PSB) award in “SME financing” from global business information provider Dun & Bradstreet (D&B). 

The award was presented to IDBI Bank at the ‘Dun & Bradstreet - Polaris Software Banking Awards 2010’ in Mumbai. The occasion also marked the launch of the fourth edition of D&B India’s study on India’s Top Banks 2010. 

IDBI Bank's operations during the quarter ended June 30, 2010, resulted in a net profit of Rs.251 crore.

On the occasion T R Bajalia, Executive Director & Head-SME Group at IDBI Bank said that IDBI Bank has developed a special business model to serve SMEs in the country that has enabled the bank to develop a quality SME portfolio through a dedicated streamlined credit decision process.

The base universe of the banks considered for the awards were the top 64 scheduled commercial banks (SCBs) as covered in the publication. D&B India developed a proprietary quantitative model based on various parameters for identifying the top banks across the spectrum.