IDBI stands for Industrial Development Bank of India is a government-owned financial service company founded in 1964. It is 10th largest development bank of the world. It is one of the Indian government-owned commercial banks headquartered in Mumbai and has an authorized capital of 3000 crores.
Currently, it has 1013 centers, more than 1000 branches i.e. 1013 and 2912 ATMs. Unlike other banks, IDBI believes to work for the industries welfare and their development strategies. It focuses on investigating issues in small-scale industries and research about the latest technology and survey for developing industries. Rakesh Sharma is the MD and CEO of IDBI.
Objectives of IDBI
a) Improvement of people belongs to backward areas
b) Small-scale industries development
Roles of IDBI
a) Grant loans and advances
b) Direct and underwriting subscriptions
c) It directly plays role in developing industry
d) Co-ordinates with other banks
e) Development of effective policies for boosting the growth of the country
f) Offer finance by providing direct funds
g) To promote industries
Source of IDBI funds
Products and services of IDBI
a) Provides loan including personal loan, securities, reserve mortgage, property, auto loans.
b) Permits card to cart payment, online payment, tax, and duty payment.
c) It provides NRI services, DEMAT, Capital marketing etc.
d) For corporates, IDBI provides finance for the project, infrastructure, advisory, and syndication services.