What is the full form of IIBI?
IIBI full form is the Industrial Investment Bank of India. IIBI was an Indian government-run financial investment corporation that functioned from 1971 to 2012 when it was shut down by the Indian government. It was a type of development bank that helped India’s ill industrial enterprises.
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IIBI has provided a vast array of products and services, including support with project finance loan arrangements, short-term nonproject asset-backed funding, cash flow, and other short-term funding.
A basic overview of IIBI
- IIBI was established in 1971 by a resolution under Section 617 of the Companies Act of the Indian Parliament.
- The bank has operations in Mumbai, New Delhi, Bengaluru, Chennai, Ahmedabad, and Guwahati, among other cities.
- In 1985, under the Industrial Reconstruction Bank of India Act of 1984, the Industrial Reconstruction Corporation of India Ltd., which had been created in 1971 for the rehabilitation of ill industrial businesses, was reconstituted as the Industrial Reconstruction Bank of India.
- The bank’s clients included Videocon, Great Threads, Dr. Morepen, Clutch Auto Limited, JSW Ispat, and LML Motors.
- In 2005, it was proposed that IIBI join the Industrial Development Bank of India and the Industrial Finance Corporation of India, but IIBI declined.
- After IIBI rejected the merger in 2006-2007, the Indian government opted to close the bank.
- As of 2011, the bank’s lone surviving branch was located in Kolkata.
- Deloitte & Touche was tasked with managing IIBI’s Non-Performing Assets. In the 2012 budget, the closure of the bank was reaffirmed.
