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What is Industrial Development Bank of India mean?
Industrial Development Bank of India (IDBI Bank Limited or IDBI Bank or IDBI) was established in 1964 by an act to provide credit and other financial facilities for the development of the fledgling Indian industry. It is a development finance institution and a listed subsidiary of LIC of India. Many national institutes find their roots in IDBI like SIDBI, India Exim Bank, National Stock Exchange of India and National Securities Depository Limited.
Initially, it operated as a subsidiary of the Reserve Bank of India and later RBI transferred it to the Government of India. On 29 June 2018, Life Insurance Corporation of India (LIC) got a technical go-ahead from the Insurance Regulatory and Development Authority of India (IRDAI) to increase stake in IDBI Bank up to 51%. LIC completed the acquisition of 51% controlling stake on 21 January 2019 making it the majority shareholder of the IDBI Bank. Reserve Bank of India clarified, via a press release dated 14 March 2019, that IDBI Bank stands re-categorized as a Private Sector Bank for regulatory purposes with effect from 21 January 2019.
The bank has an aggregate balance sheet size of ₹3.74 trillion as on 31 March 2016. It has 3,683 ATMs, 1,892 branches, including one overseas branch in Dubai, 58 e-lounges and 1,407 centers as of 1 February 2020.
referencePosted on 30 Oct 2024, this text provides information on Miscellaneous in Public Sector Bank in India related to Public Sector Bank in India. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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