IDBI
IDBI Bank
A Govt Of India Owned Bank
Government-owned bankTraded asBSE: 500116IndustryBanking, Financial servicesPredecessorIDBIFoundedJuly 1964; 52 years agoHeadquartersMumbai India
Key people
Mr. Kishor Kharat (MD & CEO)Productsconsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, Agriculture LoanRevenue
₹31,453.16 crore (US$4.7 billion) (2016)[1][2]
₹5,370.07 crore (US$800 million) (2016)[2]
₹3,664.80 crore (US$540 million) (2016)[2]Total assets ₹374,372.13 crore (US$56 billion) (2016)[1][2]
Number of employees
16,555 (March 2015)[1]Websitewww.idbi.com
IDBI Bank (Hindi:आई.डी.बी.आई बैंक) is an Indian government-owned financial servicecompany, formerly known as Industrial Development Bank of India, headquartered inMumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry.
It is currently 10th largest development bank in the world in terms of reach, with 3350 ATMs, 1853 branches, including one overseas branch at Dubai, and 1382 centers.[3] It is one of 27 commercial banks owned by the Government of India.
The Bank has an aggregate balance sheet size of INR 3.74 trillion as on 31 March 2016.[4]
HistoryEdit
Overview of development banking in IndiaEdit
Development Banking emerged after theSecond World War and the Great Depressionin 1930s. The demand for reconstruction funds for the affected nations compelled in setting up of national institutions for reconstruction. At the time of Independence in 1947, India had a fairly developed banking system. The adoption of bank dominated financial development strategy was aimed at meeting the sectoral credit needs, particularly of agriculture and industry. Towards this end, the Reserve Bank concentrated on regulating and developing mechanisms for institution building. The commercial banking network was expanded to cater to the requirements of general banking and for meeting the short-term working capital requirements of industry and agriculture. Specialised development financial institutions (DFIs) such as the IDBI,NABARD, NHB and SIDBI, etc., with majority ownership of the Reserve Bank were set up to meet the long-term financing requirements of industry and agriculture.
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