What is the full form of IDBI?

The full form of IDBI is Industrial Development Bank of India. As a fully owned subsidiary of the RBI, IDBI was established in 1964 to offer financial and credit resources for expanding the Indian industry. Its main office is in Mumbai. It is one of India’s most well-known commercial banks, delivering personal banking and financial planning.

• As a completely owned subsidiary of RBI and by the Parliament Act, IDBI Group was established in 1964.
• Since 1992, IDBI has provided loan refinancing and indirect financial assistance through the State Level Financial Foundation to improve the government’s financial sector.

• Creating a large long-term financial institution is one of IDBI’s primary goals.
• Engagement with organisations engaged in banking for the anticipated expansion of the industrial sector, the conduct of research and development (R&D) for the benefit of India’s industrial segment and the provision of administrative and technical support to the industries.
• There are 1602 branches, 2912 ATMs, and 1013 centres operated by IDBI, including 2 overseas centres in Beijing and Singapore. Its goal is to become a well-liked and reputable bank to increase stakeholder value. As of October 9, 2017, Mr Mahesh Kumar Jain serves as CEO and MD of IDBI.

Among the many items that IDBI offers, a few are listed below.

• Saving accounts
• Debit and credit cards
• Lockers and FD
• Loans
• Agricultural loans, etc.