IDBI Full Form or Full Form Of IDBI?
Full-Form Of IDBI Is a Industrial Development Bank of India
Some Details About IDBI
Full variety of IDBI is Industrial Development Bank of India. IDBI Bank Limited was established in 1964 by an Act to supply credit and other financial facilities for the event of the fledgling Indian industry. Many national institutes finds their roots in IDBI like SIDBI, Exim bank, NSE and NSDL.
Initially it operated as a subsidiary of banking company of India and later RBI has transferred it to Government of India. On June 29, 2018 insurance Corporation of India (LIC) has a technical go-ahead from Insurance Regulatory and Development Authority of India (IRDAI) to extend stake in IDBI Bank up to 51%. LIC completed acquisition of 51% controlling stake on January 21, 2019 making it the bulk shareholder of the IDBI Bank. Federal Reserve Bank of India has clarified vide a release dated March 14, 2019, that IDBI Bank stands re-categorized as a non-public Sector Bank for regulatory purposes with effect from January 21, 2019.
The bank has an aggregate record size of INR 3.74 trillion as on 31 March 2016. It has 3,683 ATMs, 1892 branches, including one overseas branch in Dubai, 58 e-lounges and 1407 centers as of 1 February 2020.
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