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Hybrid watermarking schemes has been seen doing substantial advances in the area of Digital Image Watermarking. It has been found fruitful to use these schemes to meet Imperceptibility and Robustness criterion. Various mathematical tools can be used to present a scheme which is up to meeting the desired standards. We present a new hybrid scheme based on IWT, SVD, Norm Quantization, Modulo-2 approach and watermark encryption. After applying IWT to the cover image we apply SVD and then matrix norm quantization to three high frequency sub-bands on a block by block basis in the first level. Then the quantized values are modified according to the watermark bits. On the second level modulo-2 approach is used to embed the watermark. We show that the watermark scheme is highly secure and the two different binary watermarks used are highly imperceptible. The scheme also shows fair robustness to certain attacks both on the first level and second level, differently.