What is the full form of IIBI?
The full form of IIBI is the Industrial Investment Bank of India. IIBI was an Indian government-run financial investment company that operated from its creation in 1971 until the Indian government closed down in 2012. It was a sort of development bank to restore sick industrial companies in India.
A wide variety of products and services have been offered by IIBI, like project finance loan arrangement assistance, short-term nonproject asset-backed funding, cash flow, or other short term funding.
A brief history of IIBI
- IIBI was founded in 1971 by a resolution of the Companies Act of the Parliament of India U / s 617.
- The bank has its headquarters in Calcutta and has operations in Mumbai, New Delhi, Bengaluru, Chennai, Ahmedabad & Guwahati.
- In 1985, under the IRBI Act of 1984, the Industrial Reconstruction Corporation of India Ltd., established in 1971 for the rehabilitation of sick industrial firms, was reassembled as the Industrial Reconstruction Bank of India.
- Videocon, Great Threads, Dr Morepen, Clutch Auto Limited, JSW Ispat & LML Motors were among the bank’s clientele.
- A merger of IIBI with the Industrial Development Bank of India & the Industrial Finance Corporation of India was suggested in 2005, but IIBI declined.
- In 2006-2007, after the merger was rejected by IIBI, the Indian government decided to shut down the bank.
- As of 2011, the bank was functioning in Kolkata from its sole surviving branch.
- Deloitte & Touche was designated to handle the Non Performing assets of IIBI. In Budget 2012, the termination of the bank was confirmed.