IDBI Bank
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With its head office in Mumbai, IDBI Bank is the first public sector development bank in
However, the bank has diversified its business to include commercial banking services
as well.[br]
IDBI Bank: Company Information
The Industrial Development Bank of India (IDBI) began
operations as a wholly owned subsidiary of the Reserve Bank of India (RBI) in 1964.
The underlying aim was to provide financial support to the industrial sector in
the newly independent country. In 1976, the bank’s ownership was transferred to
the Government of India. The maiden public issue of the bank was released in 1995,
which brought the government’s share down to 52.3%.
IDBI played a key role in the evolution of Indian industrial
sector. Over the years, it has diversified its business to include a broad
spectrum of industrial units. It has begun to offer finance in all major
currencies. Also, the bank lends industrial units for modernization, expansion
and diversification purposes.
In the year 2003, the bank became a limited company. Also,
RBI included IDBI in the list of scheduled banks. With this, the bank began to
offer mass banking products and services, along with specialized services for
industrial sector. IDBI bank has 682 branches and 451 extension centers across
according to the 2009 data.
For convenient banking, IDBI offers ATM, online and mobile banking
services. It has a network of 1100+ ATMs in
IDBI has four subsidiaries:
- IDBI
Capital Market Services Limited - IDBI
Homefinance Ltd - IDBI
Intech Ltd - IDBI
Gilts Ltd
These subsidiaries extend specialized services to IDBI
customers through dedicated service centers.
IDBI Bank: Products and Services
IDBI offers a comprehensive range of products and services,
which are classified as:
Personal banking: The list of personal banking products and
service include:
- Deposits
– savings, recurring deposit and pension accounts - Loans –
home, education and property - Investment
consultancy - Cards
– credit, debit and gift cards - Corporate
payroll account - Demat
account - Non-resident
Indian (NRI) services
Corporate banking: IDBI offers following services to
corporate customers:[br]
- Project
finance - Working
capital loans - Cash
management - Tax
payment - Rehabilitation
finance - Carbon
credits funds scheme - Trade
finance
The bank has a dedicated section for agricultural businesses.
It extends term loans to farming and allied activities.
