What is the IDBI full form?
IDBI full form is the Industrial Development Bank of India. IDBI was established in 1964 as a wholly-owned subsidiary of RBI to provide financial and credit services for the expansion of the Indian economy. Its main office is in Mumbai. Currently, it is one of the most prominent commercial banks in India, delivering personal banking and financial solutions.
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Origins of IDBI
- Under the Parliament Act, the IDBI group was created in 1964 as a wholly-owned subsidiary of RBI.
- IDBI has provided Indirect Financial Assistance via the State Level Financial Foundation and Loan Refinancing since 1992 in order to improve the government’s financial sector.
Aim of IDBI
- IDBI’s primary purpose is to develop a major long-term finance institution.
- The coordination with organizations operating in the banking sector for the anticipated industrial sector expansion. Research & development (R&D) and administrative & technical support for India’s industrial sector.
IDBI Services
IDBI offers a variety of goods, some of which are listed below
- Saving accounts
- Debit and credit cards
- Lockers and FD
- Loans
- Agricultural loans, etc.
