IDBI Full Form: Know All About IDBI Here!

History of IDBI

IDBI was started on July 1, 1964, under the Industrial Development Bank of India Act of 1964. Initially, IDBI was started as a Development Financial Institution. IDBI maintained its DFI status for about 40 years, and it was only in 2004 that it was transferred to become a bank. 

IDBI transferred to become a bank from a financial institution mainly due to several commercial necessities. After that IDBI was transferred to IDBI Ltd. Ever since IDBI has performed as both a bank as well as a financial institution. After acquiring the United Western Bank Satara, IDBI increased its branches from 195 to 425 in the year 2006. In 2019, LIC acquired about 51% of IDBI’s controlling stake, re-categorizing IDBI as a private sector bank.

Key Facts About IDBI

• IDBI has played a vital role in nation-building for the past 40 years.
• Its strongest presence is in the agriculture sector. 
• It was responsible for devising industrial growth in India while keeping the national priorities of the country in mind. IDBI also regulates the working of several financial institutions, including ICICI, IFCI, UTI, LIC, commercial banks, and even SFC.
• The IDBI grants loans and advances to scheduled banks and other state cooperative banks. It also helps in advisory and consulting services to other merchant banks. 
• Employees who work at IDBI are considered central government employees because the central government owns IDBI. 
• Other shares of IDBI are owned either by the Bombay Stock Exchange or the National Stock Exchange. 
• IDBI has around 3000 ATMs and about 1746 branches all over the world. One of them is present in Dubai. 
• With the support of IDBI, a few financial institutes were built and some of them include Exim bank, Stock Holding Corporation of India, etc.  

Services And Products 

IDBI offers a wide range of personal banking and agricultural banking services. We’ve listed some services and products offered by IDBI below. 

Personal Banking Services:

• Loans
• Savings A/C
• Preferred Banking
• Debit and Credit Cards
• FD’s and Lockers

Agricultural Banking Services:

• Allied Services
• Agricultural Financing Services
• Indirect financing services to agricultural units
• Term loans to agricultural sectors

We hope this information was useful to you. Like the full form of IDBI, you can learn from others our articles. This would be extremely beneficial for a banking exam.

Also, Check:

• IVB Full Form
• APGVB Full Form
• IIFL Full Form
• KVB Full Form
• CIBIL Full Form