What is the full form of IDBI?
The full form of IDBI is the Industrial Development Bank of India. IDBI was founded in 1964 as a wholly-owned subsidiary of RBI to provide financial and credit facilities for growth in the Indian industry. Its headquarters is in Mumbai. Currently, it is one of India’s most prominent commercial banks offering financial strategies and personal banking.
History of IDBI
- IDBI group was founded in 1964 as a wholly-owned subsidiary of RBI under the Parliament Act.
- Since 1992, IDBI has offered Indirect Financial Assistance via the State Level Financial Foundation and Loan Refinancing to enhance the financial sector of the government.
Objective of IDBI
- The main objectives of IDBI are the establishment of a significant long-term financing institution.
- The collaboration with institutions operating in the banking sector for the expected growth of the industrial sector. The provision of administrative & technical support to the industries and the conduct of research & development ( R&D) for the benefit of the Industrial Segment of India.
- IDBI has 1602 branches, 2912 ATMs, and 1013 centres, including 2 Overseas Centers in Singapore and Beijing. Its dream is to be a widely preferred and trusted bank to enhance stakeholder value. Mr Mahesh Kumar Jain is CEO and MD of IDBI as of 9 October 2017.
There are various products offered by IDBI, and few are listed below.
- Saving accounts
- Debit and credit cards
- Lockers and FD
- Agricultural loans, etc.