IDBI Bank 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 an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India.

About the Established

The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.

In 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India.

IDBI provided financial assistance, both in rupee and foreign currencies, for green-field projects as also for expansion, modernisation and diversification purposes.

In the wake of financial sector reforms unveiled by the government since 1992,

IDBI also provided indirect financial assistance by way of refinancing of loans extended by State-level financial institutions and banks and by way of rediscounting of bills of exchange arising out of sale of indigenous machinery on deferred payment term

Present Scenario

The Bank had an aggregate Balance sheet size of Rs.3,74,372 crore and total business of Rs.4,81,613 crore as on March 31, 2016.

As on 31 March 2015, the bank had 16,555 employees, out of which 197 were employees with disabilities. The average age of bank employees on the same date was 34 years.

It is currently 10th largest development bank in the world in terms of reach, with 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers