IDBI Full Form Friends, in this article, we’ll look at the full form of the IDBI. It is a government-owned financial services firm that was established in 1964 to provide loans and other financial services for the development of Indian industry. The company’s headquarters are in Mumbai. The Industrial Development Bank of India (IDBI) was established by legislation to give loans and other financial assistance to Indian industry. IDBI is at the heart of several important national institutions, including SIDBI, Exim Bank, NSE, and NSDL. It raises funds on the bond and deposit markets, as well as through government and foreign debt in RBI currency.
IDBI Full Form
IDBI’s full form is the Industrial Development Bank of India. It is a financial services company owned by the Indian government. The company’s headquarters are in Mumbai. It was previously known as the Indian Industrial Development Bank. It was founded in 1964 to provide finance and other financial resources to help the Indian industry grow. It is now one of India’s leading commercial banks, offering Personal Banking and Financial Solutions.
IDBI: Industrial Development Bank of India
It is the world’s tenth-largest bank. It has 2912 ATMs, 1602 branches, and 1013 locations, including two international locations in Singapore and Beijing. Its mission is to be the most preferred and trusted bank in the world for all stakeholders. IDBI’s MD and CEO as of October 9, 2017, is Shri Mahesh Kumar Jain.
IDBI Bank isn’t just a bank that specializes in core banking services. It also offers additional financial services such as bond trading, equity brokerage, and depository services. RBI formed IDBI as a subsidiary (Reserve Bank of India). It was taken over by the Indian government in February 1976.
What exactly is IDBI?
“Industrial Development Bank of India” is the full name of IDBI. It is a financial services corporation controlled by the Indian government. The company’s headquarters are in Mumbai. It was founded in 1964 to provide non-credit financial facilities for the progress of Indian industry. Let’s talk about what’s going on right now. As a result, it is one of India’s major commercial banks. It provides personal banking as well as financial solutions in some ways.
IDBI Bank’s History
Let us look at the history of IDBI Bank. After World War II ended in 1930, the friend’s Growth Bank was established to support professional development in the country. At the time of India’s independence, the country’s banking sector had advanced significantly. Yes, it had occurred.
The main goal of this bank’s declared financial development strategy was to address the credit demands of agriculture and industries in the region. The commercial banking network, which includes IDBI, NABARD, NHB, and SIDBI, was enlarged to suit the country’s general banking needs as well as the short working capital requirements of industry and agriculture.
In the Industrial Development Bank of India, the government owns 85.96 percent of the stock. IDBI Bank now has 13,722 ATMs and 1899 branches. It has a branch in Dubai as well. IDBI had 16,555 employees as of March 31, 2015, with 197 of them being disabled.
Friends, the Development Bank was established in the 1930s, following the end of World War II, to support commercial development in the country. India’s banking sector had advanced significantly by the time of the country’s independence. The main goal of this bank’s declared financial development plan was to address the agricultural and industrial sector’s loan needs.
The commercial banking network, which includes IDBI, NABARD, NHB, and SIDBI, was developed to suit the country’s general banking needs as well as the short-term working capital requirements of industry and agriculture. IDBI Bank was founded in 1964 by an Act of Parliament as a wholly-owned subsidiary of the Reserve Bank of India.
Since 1992, IDBI has provided indirect financial aid to the government by refinancing loans made by state-run financial institutions and banks to modernize the financial sector.
Apart from core banking, this bank now offers a wide range of services. For your information, we can provide you with a house loan, an auto loan, a personal loan, and an education loan. It also offers a variety of loans, including home loans, educational loans, personal loans, and auto loans, as well as accounts for the Pradhan Mantri Social Security Scheme and the Sukanya Yojana.
Customers can get credit cards, debit cards, and pre-paid cards from this company. Royal Accounts, Preferred Accounts, and Power Plus Accounts are all available. It also deals in Savings Accounts, Super Savings Accounts, Super Shakti (Women’s) Accounts, and Jubilee Plus (Senior Citizens) Accounts, among other things. This bank also offers a Corporate Payroll Account in addition to the Flexi Current Account.
It offers Imperial Salary Account, Star Salary Account, Prime Salary Account, and Pride Salary Account to meet the needs of its customers. Credit Card, Phone Banking, Mobile Banking, Internet Banking, and Sukanya Samriddhi Yojana are some of IDBI Bank’s other services.
Then, through IDBI, a committee advocated that the bank diversify its services and establish synergy between development finance and banking activities by removing the conventional boundary between developmental and commercial banking. In 2003, the Industrial Development Bank Act granted IDBI the status of a limited business.
Whereas, in September 2004, the Reserve Bank of India designated IDBI as a scheduled bank by the RBI Act 1934, as a result of which IDBI was formally incorporated into the banking business portal under IDBI Ltd on October 1, 2004. It was eventually amalgamated into IDBI’s commercial banking branch in 2005.
Following that, in 2006, it was approved by United Western Bank (UWB) under the bank’s protection. IDBI Bank has more than quadrupled its branch count since absorbing UWB, going from 195 to 425. After a short amount of time, the LIC of India acquired 51 percent ownership of IDBI Bank on January 21, 2019. As a result of the acquisition, it became the bank’s dominant shareholder.
Following an increase in equity stake through LIC of India on January 21, 2019, the Reserve Bank of India addressed the situation in a press statement dated March 14, 2019, under which IDBI Bank will be re-employed as a private sector bank with retrospective effect. categorized by
IDBI Bank’s equity shares are traded on the Bombay Stock Exchange and the National Stock Exchange of India. In this case, on January 22, 2019, the Government of India held 46.46 percent of the shares in IDBI Bank, while the Life Insurance Corporation of India held around 51 percent.
However, LIC is currently classified as a bank with limited voting privileges. You must have learned a great deal about IDBI in this manner. What is its significance, for example? What is the history of IDBI’s establishment, and how does IDBI help India’s growth rate?