Industrial Development Bank of India (IDBI Bank Limited or IDBI Bank or IDBI) was established in 1964 as a wholly-owned subsidiary of the Reserve Bank of India. The company was regarded as a public financial institution and continued to serve as a development Bank for 40 years. On February 16, 1976, the ownership of the company was transferred to the Government of India by RBI and it made the company the principal financial institution for coordinating the activities of institutions engaged in financial, promoting and developing industry in India.
On 31 March 2016, the bank made an aggregate balance sheet size of INR 3.74 trillion. It has 3683 ATMs, 1892 branches, including one overseas branch in Dubai, 58 e- lounges and 1407 centres as of 1 February 2020.
The bank operates in four segments, namely Retail Banking, Treasury service, Wholesale banking and Other banking operations. They have six wholly-owned subsidiaries namely IDBI Home finance Limited, IDBI Gilts Limited, IDBI Intech Limited, IDBI Capital Market Services Limited, IDBI Asset Management Limited, IDBI MF Trustee Company Limited.
IDBI Bank Ltd is one of India's largest commercial banks. They offer personalized banking and financial solutions to their clients in the retail and corporate banking arena through their large network of branches across the country. Their operations are driven by a cutting-edge core banking IT (Information Technology) platform.
On 8 August 2018, IDBI Bank informed the stock exchanges that Government of India (GoI) has conveyed no objection to the reduction in GoI's shareholding in IDBI Bank below 50%, relinquishment of Management control by GoI in IDBI bank and acquisition of controlling stake in IDBI Bank by Life insurance corporation of India (LIC) as a promoter through professional Issue/ open offer equity commerce subject to requisite and Regulatory approval and compliance with laws.
Earlier, on 16 July 2018 IDBI Bank received a letter from Life Insurance Corporation of India (LIC) expressing its interest in acquiring 51% controlling stake in IDBI Bank, as a promoter through preferential allotment of shares/ open offer. IDBI bank's Board of Directors at its meeting held on 17 July 2018 considered LIC's proposal and decided to see Government of India's decisions in this regard.
IDBI bank is one of the leading banks and financial services groups in India, headquartered in Mumbai. The IDBI Bank provides a vast range of banking and financial services such as deposit accounts, debit cards, credit cards, loan investments, etc.
The banking services provide two types of deposit accounts such as savings account and current account. It offers personalised financial and banking solutions to corporate and retail customers. Bank also offers Flexi current account benefits for customers in their businesses needs.
In day to day livelihood, people come around in need of money to fulfil their dreams, here the work bank starts to help the needy by giving them loans. IDBI has numerous loans such as home loan, personal loan, against property loan, car loan, and education loan.
IDBI offers its customers with investment services like fixed deposit and recurring deposit. In fixed deposits services, Bank offers a flexible tenure ranging from 15 days to 20 years with a minimum deposit of Rs.10,000. Meanwhile, the bank also offers a recurring deposit scheme to its customers with tenure ranging from 1 year to 10 years and for a minimum amount of Rs.100.
IDBI Bank customers can check their account balance, mobile banking, SMS, ATM, Passbook, mini statement, transfer funds, pay bills etc anytime and anywhere through net banking. Customer service of 24 × 7 hours is provided by the IDBI Bank. It has become very easy for people to stay connected with their bank accounts without any worries. One can go cashless anytime and anywhere without any fear, as numerous card services are provided by the bank such as debit cards and credit cards.
2018 - LIC of India completed the acquisition of 51% controlling stake in IDBI Bank all January 21, 2019, making it the majority shareholder of the bank.
2017 - RBI sports 4 public sector banks under watch on NPA concerns.
2014 - IDBI Bank the 1st PSU Bank to Launch EIA facility and IDBI Bank Wins the Golden Peacock CSR Award.
2013 - IDBI inks MoC with Exim Bank to co-finance export-oriented companies - IDBI Bank introduces online PPF Subscription Facility.
2012 - IDBI Bank mutual fund launched a new open-ended fund of funds scheme named âcel IDBI gold fund. IDBI Bank cuts interest rate on home loans, slashes deposit.
IDBI Bank has conferred the award for 'Best Corporate Social Responsibility Practices' in the banking category at the Responsible Business Awards and the Lokmat Banking Financial Services Awards, 2014. Won 1more prestigious award in the financial year 2014-15.
IDBI Bank conferred The Prestigious Golden Peacock Award for corporate social responsibility for 2013 under the Banking (PSU) category. Won 4 more prestigious awards in the financial year 2013-14.
IDBI Bank awarded the 2nd annual Greentech CSR award 2013 in the silver category.
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