IDBI: Industrial Development Bank of India
The full form of IDBI is “Industrial Development Bank of India“. It is a financial services company owned by the Indian government, Created in 1964 to provide credit and other financial facilities for the development of the Indian industry. Its headquarter is located in Mumbai. IDBI was an Act to provide credit and other financial facilities for the development of the fledgling Indian industry. Many institutes of national importance have their roots in IDBI, such as SIDBI, Exim Bank, NSE, and NSDL. It raises funds through loans in the bond and deposit market, government loans and RBI, foreign loans in foreign currency and lines of credit.
Initially, the Industrial Development Bank of India (IDBI) was operated as a subsidiary of the Reserve Bank of India, and then the RBI transferred it to the government of India. On June 29, 2018, LIC obtained technical approval from IRDAI to increase its holding in IDBI Bank by up to 51%. LIC completed the acquisition of 51% of the company’s control on January 21, 2019, becoming the majority shareholder of IDBI Bank. The main objectives of IDBI are to create the main institution for long-term financing, to coordinate with the institutions that work in this field for the planned development of the industrial sector. Its vision is to be a highly preferred and reliable bank, enhancing the value for all stakeholders. On March 5, 2020, Rakesh Sharma is the MD and CEO of IDBI.