Important Points to know about Industrial Development Bank of India (IDBI)

    Important Points to know about Industrial Development Bank of India (IDBI)
    Important Points to know about Industrial Development Bank of India (IDBI):
    Important points that we have to know about the Industrial Development Bank of India (IDBI) were given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.

    Chairman& MD
    In 1964 Under Act of Parliament to provide credit and other financial facilities to India Industries
    M. S. Raghavan

    1). Industrial Development Bank of India (IDBI) is an India government owned financial service company

    2).IDBI – one among the27 commercialbanks owned by Indian Government

    3).It is10th largestdevelopment Bank in the world with
    ·        3000ATMs
    ·        1746branches including a branch inDubai
    ·        1285centers including the centers inSingaporeandBeijing

    4).IDBI is equivalent to theSBI Groupas far as the government ownership is considered

    5).At the time of establishment IDBI was an owned subsidiary ofRBI. In1976 its ownership was transferred to the government to engage in financing, promoting and developing industries in India

    6).Some of thefinancial institutionsbuilt with the support of IDBI are as follows
    ·        Securities and Exchange Board of India(SEBI)
    ·        National Stock Exchange of India(NSE)
    ·        National Securities Depository Limited(NSDL)
    ·        Stock Holding Corporation of India Limited(SHCIL)
    ·        Credit Analysis& Research Ltd.
    ·        Exim Bank
    ·        Small Industries Development Bank of India(SIDBI)
    ·        Entrepreneurship Development Institute of India

    7).A committee formed by RBI with chairmanS.H.Khanrecommended the transfer of IDBI from a developmental bank to acommercial bank

    8).With theIndustrial Developmental Bank (Transfer of Undertaking and Repeat) Act 2013IDBI becameIDBI Ltd.

    9).In September 2004 RBI incorporated IDBI as‘scheduled bank’ underRBI Act,1934

    10).In2006, IDBI increased its number of branches from195 to 425 with the acquisition of theUnited Western Bank Satara

    11).IDBI’s share details are as follows
    ·        Government of India –76.72%
    ·        4 lakh public shareholders –8.75%
    ·        Insurance companies –12.32%
    ·        Others –7.21%

    12).Awards and acknowledgements
    ·        In May 2013, was as ranked1197th inForbes Global 2000
    ·        In 2011, received ‘Overall Best Bank’ and ‘Best Public Sector Bank’ awards theDun& Bankstreet Banking Awards
    ·        In 2011 received‘Banking Technology Awards’ fromIndian Banks Association for the best use of Business Intelligence and Risk management technologies

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