How to Buy Crypto with IDBI Bank in India

Last updated on November 22, 2023

Quick Summary: While IDBI Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

IDBI Bank Homepage

As mentioned in my quick summary, like most India banks, IDBI Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto exchange and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with IDBI Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto exchange

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with IDBI Bank.

Buy Crypto With Binance

About IDBI Bank

IDBI Bank Limited (IDBI) IDBI Bank Limited (IDBI Bank or IDBI) is an institution for development finance that is owned by the Life Insurance Corporation of India and the Government of India. It was established in the year 1964 as the Industrial Development Bank of India which was a finance company for development which offered finance services to the industrial sector. The institution was established in 2005. bank was amalgamated into its division for commercial, IDBI Bank, forming the current banking entity. It was classified as “other development finance institution” class.

Then in March 2019, Government of India asked Life Insurance Corporation to inject capital into the bank in response to excessive NPA as well as capital sufficiency concerns and asked LIC to run the bank in accordance with regulations. IDBI was placed under Prompt corrective action by the RBI and on the 10th of March 2021, IDBI was taken out of the PCA.

The current direct and indirect shares held by the Government of India in IDBI Bank is around 95%. Government of India (GoI) through its announcement F.No. 8/2/2019-BOI-II, dated 17th December 2019 has clarified and instructed all departments of the Central and State Government to take into consideration IDBI Bank for allocation of Government Business. Numerous national institutions have their origins in IDBI such as SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited.

The bank had an overall balance sheet of Rs3.74 trillion as of March 2016. It has 1,892 ATMs, 3,683 ATMs and branches, with one international branch located in Dubai as well as 58 e-lounges. There are 1,407 branches as of February 2020. In September 2021 Life Insurance Corporation holds the 49.24 percent shareholding, as well as it is the Government of India holds 45.48 percent which includes LIC being the one in charge of the management of the bank.