What is the full form of IDBI?
The full form of IDBI is Industrial Development Bank of India.
It is a government-owned financial service company that was established in 1964 to provide financial and credit facilities for growth in the Indian industry. It is one of the most prominent commercial banks in India and has played a major role in the development of the nation over the years.
Its headquarter is located in Mumbai, Maharashtra, India and it also has 5 regional offices in Delhi, Bangalore, Mumbai, Kolkata and Chennai.
As of January 2022, Rakesh Sharma is the CEO and M.D. of the IDBI bank and currently, IDBI has more than 1000 branches all over India focusing on investigating issues in small-scale industries and research about the latest technology and survey for developing industries.
Here is a brief history of the IDBI Bank:
- IDBI was founded in 1964 as a wholly-owned subsidiary of RBI.
- It was founded under the parliament act.
- Since then, it has worked to enhance the financial sector of the country.
- It was given the DFI status for over 40 years until 2004 when it was converted into a bank.
- Since then, it has performed a dual role as both a financial institute and a bank.
- Achieve dynamic industrial growth by planning and promotion
- Conduct research and development for the benefit of the Industrial segment of the country
- Supervising the work of other financial institutions like ICICI, LIC, etc.
- Grant loans and advances
- Direct and underwriting subscriptions
- Developing Industrial sector
- Co-ordinating with other banks
- Development of effective policies for boosting the growth of the country
- Offer finance by providing direct funds
- Provides loans including personal loans, securities, reserve mortgages, property, auto loans, etc.
- Permits card to card payment, online payment, tax, and duty payment
- NRI services, DEMAT, Capital marketing etc.
- It also provides finance for corporates for the project, infrastructure, advisory, and syndication services
- ICMS - IDBI Capital Markets & Securities Limited
- IIL - IDBI Intech Limited
- IAML - IDBI Asset Management Limited
- IMTCL - IDBI MF Trustee Company Limited
- ITSL - IDBI Trusteeship Services Ltd
- Ageas Federal - Ageas Federal Life Insurance Company Limited
The main objectives of the IDBI can be understood from these points:
Roles of IDBI
The roles of IDBI are as follow:
Source of IDBI Funds
There are mainly 4 places where IDBI get its funds which are:
Products and services of IDBI
Here is a list of products and services offered by IDBI:
The list of subsidiaries of IDBI is as follows: