The Full form of IDBI is Industrial Development Bank of India. Headquartered in Mumbai, IDBI is an Indian government-owned financial service company. It was established in the year 1964 as a wholly owned subsidiary of Reserve Bank of India to provide credit and financial facilities for the development of Indian industry. The prime objectives of IDBI are to create a principal institution for long term finance, to coordinate with the institutions working in this field for the planned development of industrial sector, to provide administrative and technical support to the industries and to conduct research and development activities for the benefit of industrial sector of India. It raises funds by way of market borrowing of bonds and deposits, borrowing from the Govt. and RBI, borrowing abroad in foreign currency and lines of credit. Currently, it is one of the largest commercial banks of India providing various personalized banking and financial solutions. It has 1602 branches, 2912 ATMs, and 1013 centres (Including 2 overseas centres in Beijing and Singapore). Its vision is to be a highly preferred and reliable bank enhancing the value for all stakeholders. Mr. Mahesh Kumar Jain is the MD and CEO of IDBI as of October 9, 2017.
Full form of IDBI, What does IDBI stand for ?
by admin | Mar 18, 2019 | Banking Terms Full Form | 0 comments