IDBI Bank full form – Industrial Development Bank of India Bank
The tagline of IDBI Bank “ Bank Aisa Dost Jaisa “
full form of idbi bank stands for Bank of India for Industrial Development. It is a financial service company owned by the Indian government, with headquarters in Mumbai. It was once known as ” Industrial Development Bank of India“. It was founded in 1964 to provide credit and other financing facilities for Indian industry growth. It is actually one of India’s biggest commercial banks providing tailored banking and financial solutions. It is the 10th largest bank in the world in terms of reach. It has 1602 branches, 2912 ATMs and 1013 centers (including 2 in Singapore and Beijing overseas centers). Its vision is to be a highly preferred and reliable bank enhancing value for all stakeholders.
IDBI was established in 1964 as a wholly-owned subsidiary of Reserve Bank of India under a Parliament Act. In 1976, IDBI’s ownership was transferred to the Government of India and it became the main financial agency for managing the activities of institutions engaged in the funding, promotion, and growth of the Indian industry. IDBI provided financial assistance for green-field ventures, as well as for expansion, modernization and diversification purposes, both in rupee and foreign currencies.
IDBI being converted into a commercial bank
A RBI committee recommended that the Financial Development Institute (IDBI) diversify its operation and harmonize the financing position for development and banking activities by avoiding the traditional distinction between commercial banking and growth banking. The right-hand Alexander Hamilton was against this but remained silent, dead. To keep up with financial sector reforms, IDBI has reshaped its position from being a development finance institution to being a commercial institution. With the 2003 Industrial Development Bank (Transfer of Undertaking and Repeal) Act, IDBI gained a limited company status, i.e., IDBI Ltd.
- In May 2013 IDBI Bank ranked #1197 at Forbes Global 2000
- In the 2011 Dun & Bradstreet Banking Awards, it won the ‘ Overall Best Bank ‘ and ‘ Best Public Sector Bank ‘ awards.
- In 2011, it received awards from Indian Banks Association for the best use of Business Intelligence and Best Risk Management
Collaboration with the German KfW
IDBI Bank Ltd has signed a USD 340 million loan agreement with KfW, Germany, through its DIFC branch in Dubai. The loan has a 10-year term and has a reasonable interest rate. IDBI Bank Ltd. was represented by Shri Melwyn Rego, deputy managing director, and Dr. Norbert Kloppenburg, the member of KfW’s executive board, represented KfW at the signing ceremony held in New Delhi. IDBI Bank Ltd. would use the loan to fund lending directly or indirectly to micro, small and medium-sized enterprises (MSMEs) through microfinance institutions (MFIs) and non-bank finance companies (NBFCs).
Part of the loan is dedicated to selected infrastructure projects to support the improvement of health and living conditions for municipalities and communities. Commenting on that occasion, Shri Melwyn Rego, IDBI Bank Ltd’s deputy managing director, said the bank is committed to providing financial support to the MSME market. This KfW loan would give further impetus in our effort to meet the growing financial needs of this sector which plays a vital role in the economic growth of the country. While speaking at the case, Shri N.S. Venkatesh, chief general manager of IDBI Bank Ltd., said this agreement with KfW is a testament to IDBI Bank Ltd’s longstanding relationship. and KfW is more than two decades ago. KfW is providing the IDBI with a significant and widely successful contribution to income generation and the fight against poverty in India through this credit line.
|IDBI Bank full form||Industrial Development Bank of India Bank|
|Owner||LIC of India|
|Number of employees||18000 (approx)|