IDBI Bank
| Type |
- Developement Finance Institution
- Subsidiary of Life Insurance Corporation
|
| Industry |
Financial services |
| Founded |
1 July 1964; 57 years ago |
| Founder |
Government of India by an Act of Parliament |
| Headquarters |
IDBI Tower, WTC Complex, Cuffe Parade,
Colaba, Mumbai, Maharashtra
,
India
|
|
Key people
|
- M. R. Kumar
(Chairman)
- Rakesh Sharma
(MD & CEO)
|
| Products |
- Investment Banking
- Consumer Banking
- Commercial Banking
- Retail Banking
- Banking
- Asset Management
- Pensions
- Mortgages
- Credit Cards
|
|
Number of employees
|
18,000 (March 2019) |
| Parent |
Life Insurance Corporation (100%) |
| Subsidiaries |
- IDBI Capital Markets & Securities
- IDBI Intech
- IDBI Asset Management
- IDBI MF Trustee Company
- IDBI Trusteeship Services
|
|
What is full form of idbi bank?
The full form of IDBI is Industrial Development Bank of India
 |
| full form of idbi bank |
IDBI Bank was established in 1964 by an act to provide credit and other financial facilities for the development of the fledgling Indian industry.
It operated as a subsidiary of the Reserve Bank of India and was later transferred by the RBI to the Government of India.
On 29 June 2018, Life Insurance Corporation of India (LIC) got technical approval from Insurance Regulatory and Development Authority of India (IRDAI) to increase stake in IDBI Bank to 51%. LIC completed the acquisition of a 51% controlling stake on 21 January 2019, making it the majority shareholder of IDBI Bank.
The Reserve Bank of India, through a press release dated March 14, 2019, clarified that IDBI Bank has been re-classified as a private sector bank for regulatory purposes with effect from January 21, 2019.
Its headquarter is in Mumbai. Presently, it is one of the foremost commercial banks in India offering financial strategies and personal banking.
History
IDBI was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.
In 1976, the ownership of IDBI was transferred to the Government of India and it was made the premier financial institution for coordinating the activities of institutions engaged in the financing, promotion and development of industry in India.
IDBI provided financial assistance in both rupee and foreign currencies for green-field projects and for expansion, modernization and diversification purposes.
In view of the financial sector reforms initiated by the government since 1992, IDBI provided indirect financial assistance through refinancing of loans given by state-level financial institutions and banks and through rediscounting of bills of exchange arising out of sales.
To keep up with the reforms in the financial sector, IDBI changed its role from a development finance institution to a commercial institution.
With the Industrial Development Bank Act (Transfer of Undertaking and Repeal) , 2003, IDBI acquired the status of a Limited Company viz.
In 2006, IDBI Bank acquired United Western Bank (headquartered in Satara) in a hedge. By acquiring UWB, IDBI Bank increased its number of branches from 195 to 425.
As on 31 March 2015, the bank had 16,555 employees, out of which 197 were disabled employees.
IDBI Intake Limited (IIL) is a wholly owned subsidiary of IDBI Bank established in 2000.
It received the ‘Overall Best Bank’ and ‘Best Public Sector Bank’ awards at the Dun & Bradstreet Banking Awards, 2011.
In 2011, it received the Banking Technology Award for Best Use of Business Intelligence and Best Risk Management from the Indian Banks’ Association.
The main objective of IDBI is to establish an important long-term financing institution.
Cooperation with institutions working in the banking sector for the required development of the industrial sector.
Provision of administrative and technical assistance to industries and conduct of Research and Development (R&D) for the benefit of industrial segment of India.
IDBI has 1602 branches, 2912 ATMs and 1013 centres, including 2 overseas centers in Singapore and Beijing.
Its vision is to become a widely preferred and trusted bank for enhancing stakeholder value. Mr. Mahesh Kumar Jain is the CEO and MD of IDBI as on 9 October 2017.
IDBI Products
There are various products offered by IDBI, and some of them are listed below.
saving account
debit and credit cards
Lockers and FDs
Loan
Agricultural loans, etc.
In this article of full form of idbi bank, we have shared the information with you with full form of idbi bank.
