IDBI to set up 3 foreign branches

The Industrial Development Bank of India (IDBI), is planning to open branches at Moscow, Singapore and Bahrain. The bank is looking to mobilize Rs 300 crore via debt as tier II capital during the current fiscal and has no plans to go via equity route. The total business, at present, of the state run lender stands at Rs 100,000 crore comprising Rs 40,000 crore deposits and Rs 60,000 advances.