Do you also want to know about IDBI Full Form or any kind of information about IDBI Bank in Hindi, then you have come to the right place.
In this article I will give you I will also tell you all the information about IDBI Full Form and IDBI Bank like complete history of IDBI Bank and some fun facts of IDBI Bank. With this I will also tell you IDBI Bank Full Form In Hindi. So read this article from beginning to end.
What Is IDBI Full Form?
The full form of IDBI or say IDBI full form is “Industrial Development Bank of India.”
It is a Government of India owned financial services company, headquartered in Mumbai. It was established in 1964 to provide loans and other financial facilities for the development of Indian industry.
Currently, it is one of the largest commercial banks in India offering personal banking and finance solutions. Provides.
History of IDBI Bank?
Development banking emerged in the 1930s after the Second World War and the Great Depression. The demand for reconstruction funds for the affected nations after the Second World War forced the establishment of National Institutes for Reconstruction.
At the time of independence in 1947, India had a highly developed banking system. Adopting a bank dominated finance development strategy aimed specifically at meeting the regional credit needs of agriculture and industry.
IDBI Bank Limited was established in 1964 as a wholly owned subsidiary of the Reserve Bank of India under an Act of Parliament. Initially, it operated as a subsidiary of Reserve Bank of India RBI, later it was transferred by GOI to GOI.
In 1976, the ownership of IDBI was transferred to the Government of India. IDBI provided financial assistance, both in rupees and foreign currencies, for green-field projects and for expansion, modernization and diversification purposes.
Subsequently after the public issue of IDBI in July 1995, the government stake in the bank declined from 100% to 75%. Subsequently, a committee constituted by the RBI recommended the development of IDBI to diversify its activity and away from the traditional distinction between commercial banking and developmental banking to create synergy between the role of development financing and banking activities.
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Subsequently with the Industrial Development Bank Act 2003, IDBI attained the status of a limited company ie IDBI Limited. Subsequently in September 2004, the Reserve Bank of India incorporated IDBI as a ‘Scheduled Bank’ under the RBI Act 1934.
As a result, IDBI formally introduced IDBI Ltd. from 1 October 2004. As entered into the portal of banking business. In 2005, the commercial banking arm, IDBI Bank was merged with IDBI. Subsequently, in 2006, IDBI Bank acquired UWB (United Western Bank) in defense.
By acquiring UWB, IDBI Bank doubled its number of branches from 195 to 425. Subsequently, on 21 January 2019, LIC of India completed the acquisition of a 51% controlling stake in IDBI Bank, making it the majority shareholder of the bank.
Following the increase in equity stake by LIC of India on January 21, 2019, the Reserve Bank of India has clarified in a press release on March 14, 2019 that IDBI Bank is reclassified as a private sector bank with retrospective effect.
IDBI Bank’s equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India. As of 22 January 2019, the Government of India had 46.46% shares in IDBI Bank and Life Insurance Corporation of India held about 51% shares. But now LIC has a capped voting rights bank.
What Services Does IDBI Bank Offer?
- Corporate Payroll Account: Imperial Salary Account, Star Salary Account, Prime Salary Account, Pride Salary Account etc.
- Loans: Home Loan, Auto Loan, Personal Loan, Education Loan etc.
- Pradhanmantri Social Security Scheme
- Cards: Credit Cards, Debit Cards, Prepaid Cards etc.
- Pay Apt-Mobile Wallet
- 24 Hours Banking: Phone Banking, Mobile Banking, Internet Banking, Account Alerts etc.
- Jus TabTrusteeship through ITSL
- Preferred Banking: Royale Account, Preferred Account, PowerPlus Account.
- Savings Account: SuperSavings Account, SuperShakti (Womans) Account, Jubilee Plus (Senior Citizens) Account etc.
- Flexi Current Account
Role of IDBI Bank
IDBI Bank was established in 1964 as a wholly owned subsidiary of the Reserve Bank of India under an Act of Parliament.
In 1976, 12 years after establishment, IDBI was given the responsibility of operation and maintenance to the Government of India. It has been made a premier financial institution in India to coordinate the activities of institutions promoting and developing financing in the field of industry.
It is also provided financial assistance, in rupees and foreign currencies, for the purposes of expansion, revaluation and diversification of greenfield projects. And today these banks offer many types of loans and currency loans.
In view of financial sector reforms by the government since 1992, IDBI had provided indirect financial support through refinance of loans given by state level financial institutions and banks.
Simultaneously paid deferral through a reprint of the bills of exchange arising from the sale of Swadeshi, a committee formed by the Reserve Bank of India recommended IDBI to diversify its financial activity.
In order to continue reforms in the financial sector, IDBI reshaped its role from a development institution to a commercial entity. With the Industrial Development Bank Act 2003, IDBI attained the status of a limited company ie, IDBI Limited.
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