The Industrial Development Bank of India (IDBI) commonly known by its acronym IDBI is one of India`s leading private banks. It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian industry. It is currently the tenth largest development bank in the world. Some of the institutions built by IDBI are The National Stock Exchange of India (NSE), The National Securities Depository Services (NSDL), and the Stock Holding Corporation of India (SHCIL).
To meet emerging challenges and to keep up with reforms in the financial sector, IDBI has taken steps to reshape its role from a development finance institution to a commercial institution. With Industrial Development Bank Act, 2003, IDBI attained the status of a limited company, viz. Industrial Development Bank of India (IDBIL). Consequently, IDBI, the erstwhile Development Financial Institution of the country, formally entered the portals of banking business as IDBIL from October 1, 2004, over and above the business currently being transacted. In the FY 2005-2006 IDBI the developmental financial institution IDBI was reverse-merged with IDBI Bank, the private sector bank. The bank provides services like wholesale banking, retail, treasury, investments, and insurance. Post merger the bank has an increased number of branches, better performance and a steep decline in its NPAs. Its subsidiaries are IDBI Capital and Paisabuilder. IDBI has sought the assistance of the government, which is its predominant shareholder, to buy out a state-owned bank in order to increase the number of branches and ATMs across India. The bank targeted government business for growing its fee-based income. During the year, government business volumes handled surged by 81% to Rs. 136,000 million.
To meet emerging challenges and to keep up with reforms in the financial sector, IDBI has taken steps to reshape its role from a development finance institution to a commercial institution. With Industrial Development Bank Act, 2003, IDBI attained the status of a limited company, viz. Industrial Development Bank of India (IDBIL). Consequently, IDBI, the erstwhile Development Financial Institution of the country, formally entered the portals of banking business as IDBIL from October 1, 2004, over and above the business currently being transacted. In the FY 2005-2006 IDBI the developmental financial institution IDBI was reverse-merged with IDBI Bank, the private sector bank. The bank provides services like wholesale banking, retail, treasury, investments, and insurance. Post merger the bank has an increased number of branches, better performance and a steep decline in its NPAs. Its subsidiaries are IDBI Capital and Paisabuilder. IDBI has sought the assistance of the government, which is its predominant shareholder, to buy out a state-owned bank in order to increase the number of branches and ATMs across India. The bank targeted government business for growing its fee-based income. During the year, government business volumes handled surged by 81% to Rs. 136,000 million.
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