IDBI: Industrial Development Bank of India
IDBI Full Form
IDBI full form stands for Industrial Development Bank of India. The Industrial Development Bank of India was established in 1964 by an Act to promote the growth of the emerging Indian industry.
It is a development finance company and is now a subsidiary of Life Insurance Corporation. Many national institutions trace their roots to IDBI such as Indian National Stock Exchange, SIDBI, India Exim Bank, and National Securities Depository Limited.
Initially, it functioned as a subsidiary of the Reserve Bank of India and was later transferred by the RBI to the Government of India. On June 29, 2018, Life Insurance Corporation of India (LIC) received technical assistance from Insurance Regulatory and Development Authority of India (IRDI) to increase its stake in IDBI Bank.
LIC completed the acquisition of a 51% controlling stake on 21 January 2019, making it the majority shareholder of IDBI Bank. The Reserve Bank of India, in a press release issued on March 14, 2019, clarified that IDBI Bank has been re-classified as a private sector bank for the purposes of the rules applicable from January 21, 2019.
- In 1976, the ownership of IDBI full form (Industrial Development Bank of India) was transferred to the Government of India and made it a premier financial institution to finance, promote and coordinate the activities of developing institutions in developing industries in India.
- In July 1995, the government’s stake in the bank fell from 100 to 75%.
- To continue reforms in the financial sector, IDBI re-shaped its role from a development financial institution to a commercial institution.
- With the Industrial Development Bank (Transfer of Undertaking and Repair) Act, 2003, IDBI acquired the status of a limited company IDBI Limited.
- In September 2004, the Reserve Bank of India added IDBI as a ‘Scheduled Bank’ under the RBI Act, 1934.
- IDBI formally launched the banking business portal on 1 October 2004 as IDBI Limited. IDBI Bank merged into IDBI in 2005.
What Is The Full Form Of IDBI?
IDBI full form stands for Industrial Development Bank of India. It was established in 1964 as a wholly-owned subsidiary of the Reserve Bank of India under an Act of Parliament. It is a development finance company and is now a subsidiary of Life Insurance Corporation.
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