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 objective of IDBI is to establish 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.
Various products are offered by IDBI, and a few are listed below.
- Saving accounts
- Debit and credit cards
- Lockers and FD
- Agricultural loans, etc.