IDBI - Industrial Development Bank of India
- The Industrial Development Bank of India (IDBI) was established on 1 July 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.
- In 16 February 1976, the ownership of IDBI was transferred to the Government of India.
- IDBI was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in the country.
- Headquarters of IDBI is at Mumbai, India.
- Chairman and Managing director of IDBI
- IDBI is the 4th largest Bank in India in overall rating.
- Currently 10th largest development bank in the world.
- RBI categorised IDBI as an “other public sector bank”.
- Finance and insurance are the product of IDBI.
- Industrial Development Bank of India (IDBI) has now a network of 909 branches, 621 centres and 1512 ATMs.
- In March 2008, IDBI Bank entered into a joint venture with Federal Bank and Fortis Insurance International to form IDBI Fortis Life Insurance.
- IDBI Fortis Life Insurance is renamed to IDBI Federal Life Insurance Co Ltd.
- IDBI recently inaugurated its 909th Branch at Ranikhet, Uttrakhand on October 13, 2011.
- IDBI was the winner in two categories in Dun & Bradstreet’s Polaris Software Banking Awards 2011
- RBI appointed S.H.Khan committee which recommended its transformation into a universal bank.
- In 2006 IDBI Bank acquired United Western Bank in a rescue.
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