IDBI Full Form and Some Important Facts

IDBI (Industrial Development Bank of India)

The industrial development bank of India limited commonly known by its acronym IDBI. It is one of India's leading public sector banks and 4^th largest bank in overall ratings. RBI categorized IDBI as an “other public sector bank”. It was established on July 1, 1964, by an act of parliament.the main aim behind setting up of IDBI, was to provide credit and other facilities for the Indian industry, which was still in the initial stage of growth and development.

IDBI : Some Important Points

• Industrial development bank of India established under the industrial development bank of India act 1964.

• A principal financial institution for promoting credit and other facilities for developing industries & assistant developing institutions.

• Till 1976, IDBI was a subsidiary bank of RBI.

• In 1976 it was separated from RBI and the ownership was transferred to the government of India.

• To provide financially assistance to industrial enterprises & to promote institutions engaged in industrial development.

• IDBI which was established as development finance institution under IDBI act 1964 has been converted as a banking Company.

• IDBI got certificate of commencement of business on 28th Sep 2004 and IDBI was transformed into IDBI Ltd on 1st Oct 2004, a company under companies act 1956 and scheduled bank under the RBI act 1934.

• Apex organization in development financing.

• Act as a lender of the last resort.

• Headquarter is at Mumbai