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The full form of IDBI is the Industrial Development Bank of India. It is a finance institution built under the the ownership of Life Insurance Corporation of India and the Government of India. IDBI has its headquarters in Mumbai. It offers various services including Investment banking, Asset Management, Pensions, and Mortgages. Read on to learn more about IDBI.
When was IDBI founded?
IDBI was founded in 1964 under an Act of Parliament as a wholly-owned subsidiary of the Reserve Bank of India (RBI). In 1976, the ownership of IDBI was transferred to the Union government. Later it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India.
Services of IDBI
- Investment banking
- Commercial banking
- Retail banking
- Asset Management
- Pensions
- Mortgages
- Credit cards
Subsidiaries of IDBI
- IDBI Capital Markets & Securities
- IDBI Intech
- IDBI Asset Management
- IDBI MF Trustee Company
- IDBI Trusteeship Services
IDBI Awards and Recognition
- In 2011, IDBI received the ‘Overall Best Bank’ and ‘Best Public Sector Bank’ awards in the Dun & Bradstreet Banking Awards
- In 2011, IDBI received Banking Technology awards for the best use of Business Intelligence and the best Risk Management from the Indian Banks Association
- In 2013, IDBI was ranked #1197 in the Forbes Global 2000
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