IDBI Full Form
IDBI stands for Industrial Development Bank of India. It is an Indian Government-owned financial service company with the majority of shares. The bank was recategorized as a Private Bank for regulatory purposes from 21 January 2019. It was established in July 1964, under the act of parliament. However, earlier it was a subsidiary of the Reserve Bank of India (RBI) but later, on 16 February 1976 RBI transferred it to the Government of India. The owner of the bank is Life Insurance Corporation (LIC) and its headquarter is in Mumbai, India. The chairman of the bank is M.R Kumar whereas the MD and CEO is Rakesh Sharma.
IDBI provides credits, and several financial facilities for the development of Indian Industry. It provides financial assistance, both in rupee and foreign currencies. The services that the bank provides to the customer are; Saving Account of 6 types, Credit Card, Fixed Deposit, Loan of (Home, Education, Personal, Car and Property), Net Banking, Mobile Banking, Balance Enquiry and Customer Care Service.
Further, the bank acquired United Western Bank in 2006, in a rescue and this acquisition doubled the number of its branches, from 195 to 425. IDBI has 3,683 ATMs and 1,892 Branches all over the world including one overseas branch in Dubai. The number of employees as of march 2019 is 18,000. During the financial year 2012-13, the business of the bank as per employee is 25.17 crores and their profit as per employee is 12.17 lakh. The aggregate balance sheet size of the bank is 3.74 trillion as on 31 March 2016. The bank revenue as of 2021 is 24,504 crore. Its operating income is 2,484 crore whereas net income is 1,514 crore as of 2021. The total assets of the bank are 300,713 crore as of 2021 and total equity is 24,455 crore as of 2020. After becoming a Commercial Bank from a Development Bank on the recommendation of the Reserve Bank of India, IDBI has become one of the 27 Commercial Banks owned by the Indian Government. It is the 10th largest bank in the world.
Moreover, some financial institutions built by the support of IDBI are; National Securities Depositories Limited (NSDL), Security and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), Stock Holding Corporation of India limited (SHCIL), Indian Exim Bank, Small Industries Development Bank of India (SIDBI), Credit Analysis & Research Ltd. and the Entrepreneurship Development Institute of India.
IDBI has also some subsidiaries like; IDBI Capital Markets & Securities, IDBI Asset Management, IDBI MF Trustee Company, IDBI Trusteeship Services, IDBI Federal Life Insurance Company and IDBI INTECH. IDBI INTECH Ltd. (IIL) was established in March 2000. Its headquarter is in Navi Mumbai, India. The Industry provides all the services related to IT like; System Integration, System Implementation & Support, Consultancy, Applications & Server Hosting and other IT related services and specialized training. The Industry has been accredited with ISO 9001:2000 certification for IT-related services like; Data Center Management and Call Center, and also certified IT Security auditing Organisation with the Indian Computer Emergency Response Team (CERT-In).
Overall, for its good services IDBI got many awards like; in May 2013 it ranked 1197 in the Forbes Global 2000. Further in 2011 the bank received Banking Technology awards for the best use of its Business Intelligence as well as for the Best Risk Management, by Indian Bank Association. IDBI also received the awards for ‘Overall Best Bank’ and ‘Best Public Sector Bank’ in the Dun & Bradstreet Banking Awards, 2011.