IDBI Full Form | What is the full form of IDBI Bank
IDBI Full Form - Industrial Development Bank of India
Industrial Development Bank of India
- IDBI stands for Industrial Development Bank of India. It’s an Indian government-owned financial service company, headquartered in Mumbai. It was formerly known Industrial Development Bank of India.
- It was established in 1964 to provide credit and other financial facilities for the development of Indian industry.
- Currently, it's one of the largest commercial banks of India which offers personalized banking and financial solutions.
- In the term of reach, it's 10th largest bank of the world. It has 2912 ATMs, 1602 branches, and 1013 centers (Including 2 overseas centers in Singapore and Beijing).
- Its vision is to be a highly preferred and reliable bank enhancing value for all stakeholders.
- As of October 9, 2017, Mr. Mahesh Kumar Jain is the MD and CEO of IDBI.
Indian Government Owned
- IDBI Bank doesn't work only in core banking services. Apart from this, it also deals in other financial services like bond trading, Equity Broking, and Depository services.
- IDBI was established as a subsidiary of RBI (Reserve Bank of India). The government of India takes it ownership in Feb, 1976.
Key Products
- Preferred Banking : Royale Account, Preferred Account, PowerPlus Account.
- Savings Account : SuperSavings Account, SuperShakti (Womens) Account, Jubilee plus (Senior Citizens) Account etc.
- Flexi current account
- Corporate Payroll Account : Imperial Salary Account, Star Salary Account, Prime Salary Account, Pride Salary Account etc.
- Loans : Home loan, Auto Loan, personal loan, Education Loan etc.
- Pradhanmantri social security Scheme
- Cards : Credit Cards, Debit Cards, Prepaid Cards etc.
- Pay Apt-Mobile Wallet
- 24 Hours Banking : Phone Banking, Mobile Banking, Internet Banking, Account Alerts etc.
- Jus Tab
- Trusteeship through ITSL
- Sukanya Samridhi
Awards and Recognitions
- In the Forbes Global 2000, IDBI Bank ranked #1197 on May 2013.
- In the Dun & Bradstreet Banking Awards, 2011, IDBI received the ‘Best Public Sector Bank’ and ‘Overall Best Bank’ awards.
- IDBI received Banking Technology awards for the best Risk Management and the best use of Business Intelligence from the Indian Banks Association in 2011.
Subsidiaries
- A pioneer Institution in Nation building, IDBI bank has ever-expanding needs, so to cater to its needs IDBI Bank has formed various subsidiaries & joint ventures across the whole Banking & financial system.
Subdaires
ICMS - IDBI Capital Markets & Securities Limited
- ICMS is IDBI Bank’s wholly-owned subsidiary; In 1993 it started as a Broking and Distribution company.
- Currently, it's involved in Merchant Banking, Distribution of financial Products, Stock Broking, Corporate Advisory Services, Portfolio Management of Pension / PF Funds, Debt Arranging & Undertaking & Research services.
IDBI Intech Limited (IIL)
- In March 2000 IIL was incorporated to manage the IT-related activities of the Bank.
- Information Technology Services, Information Security Practices, National Contact Center, and Outbound Sales Team are the major business activities of the company.
IDBI Asset Management Limited (IAML)
- On January 25, 2010, IAML was incorporated and became a subsidiary of IDBI bank. Launched by IDBI mutual fund (“The Fund”) IAML is that the schemes investment manager.
- To suit the diverse and varying needs and risk profile of investors the Fund offers a bunch of products in equity, debt, and gold.
IDBI MF Trustee Company Limited (TCL)
- On January 25, 2010, IMTCL, a wholly-owned subsidiary of IDBI Bank, was incorporated.
- The Trustees make sure that all the activities of the mutual fund are carried out within the regulatory framework as per SEBI mutual fund Regulation 1996.
IDBI Trusteeship Services Ltd (ITSL)
- On March 8, 2001, ITSL was incorporated for carrying out trusteeship and other related businesses.
- The present operations of the company include Security trusteeship assignments, acting as trustees to securitization transactions, Escrow Agency, acting as Bond/Debenture trustee, Safe Keeping, Share pledge Trustee, Venture, Capital Fund and other trusteeship services.
IDBI Federal
- IDBI Federal is a joint venture life insurance Company of IDBI Bank Ltd., Ageas Insurance International (Ageas) and therefore the Federal Bank Ltd .
- The life insurance business of the company comprises pension and group life and individual life, including non-participating, linked segments, and health.
Financial Records and Employees
- On 31st March, 2013, there were 15465 employees in IDBI.
- The bank records business of 25.64 crore INR per employee and net profit of INR 12.17 lakhs per employee during the year 2012-2013. As on 31March 2016, it had a balance sheet size of Rs. 3,74,372 crore and total business of Rs. 4,81,613 crore.