What is IDBI doing to diversify its activity?
A committee formed by RBI recommended the development financial institution (IDBI) to diversify its activity and harmonise the role of development financing and banking activities by getting away from the conventional distinction between commercial banking and developmental banking.
What is the role of IDBI Bank?
The erstwhile Industrial Development Bank of India (IDBI) was the apex institution for providing project finance to the industrial and infrastructure sector and a policy bank in the area of industrial financing and development. It also played a pioneering role in setting up the financial architecture of the country.
What is the full form of IDBI?
IDBI Bank. Industrial Development Bank of India (IDBI Bank Limited) was established in 1964 by an Act to provide credit and other financial facilities for the development of the fledgling Indian industry. Initially it operated as a subsidiary of Reserve Bank of India RBI transferred it to GOI .
Which of the following is a subsidiary of IDBI?
The Industrial Development Bank of India (IDBI) was set up in July 1964, as a wholly-owned subsidiary of the Reserve Bank of India. It was given complete autonomy in February 1976. Today, the IDBI is regarded as an apex institution in the arena of development banking. The IFCI and the UT1 are the subsidiaries of the IDBI.
When did IDBI convert to a commercial bank?
In 2003, IDBI converted to a commercial bank under the act Industrial Development Bank (Transfer of undertaking and Repeal) Act, 2003. The bank gained its new status as a part of reforms in the financial sector.
What does IDBI IIL do?
IDBI Intech Ltd. (IIL) is a wholly owned subsidiary of IDBI Bank, established in 2000. It provides IT related services in the area of Consultancy, System Integration, System implementation & support, Applications & Server hosting and other IT related managed services and specialized training.
What is the role of IDBI in economic development?
The IDBI provides indirect financial assistance to the small and medium industrial concerns through other financial institution, such as, State Finance Corporations, State Industrial Development Corporations, Cooperative banks, regional rural banks, commercial banks.
What is the full form of IDBI?
Industrial Development Bank of India Limited: In response to the felt need and on commercial prudence, it was decided to transform IDBI into a Bank. For the purpose, Industrial Development bank (transfer of undertaking and Repeal) Act, 2003 [Repeal Act] was passed repealing the Industrial Development Bank of India Act, 1964.
What is the history of IDBI Bank?
The Industrial Development Bank of India (IDBI) was set up in July 1964, as a wholly-owned subsidiary of the Reserve Bank of India. It was given complete autonomy in February 1976. Today, the IDBI is regarded as an apex institution in the arena of development banking.
What are the products and services provided by IDBI?
Products and Services of IDBI Like every other bank, IDBI also provides various products and services to its customers. The most important factor is the bank is providing products and services to the Agriculture sector also. The products and services provided under Personal, Corporate, MSME, Agri, and NRI Banking.