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What is the full form of IDBI?

By Anushree Goswami Last updated : April 20, 2024

IDBI is an abbreviation of the Industrial Development Bank of India. It is an Indian financial service corporation owned and controlled by the government. In 1964, it was founded to offer credit and other financial services for the development of the Indian industry. Its head office is situated in Mumbai.

At the present time, it is one of the largest commercial banks of India which provides personalized banking and financial solutions. In terms of accomplishment, it is the 10th largest bank in the world. It consists of 3,702 ATMs, 1892 branches, comprising one overseas branch in Dubai, 58 e-lounges and 1407 centers. As of 4 October 2018, Rakesh Sharma is the MD and CEO of IDBI, who is the former MD and CEO of Lakshmi Vilas Bank and Canara Bank.

IDBI Vision

Its vision is to be a greatly preferred and trustworthy bank improving value for all stakeholders.

IDBI Bank doesn't operate only in core banking services. Except for all this, It also works in other financial services like,

• Bond Trading.
• Equity Broking.
• Depository services.

IDBI was founded as a subordinate company of RBI (Reserve Bank of India). In Feb 1976, the Government of India takes it rights and possession.

IDBI Key Products

• Preferred Banking: Royale Account, Preferred Account, PowerPlus Account.
• Savings Account: SuperSavings Account, SuperShakti (Women's) 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

IDBI Financial Records and Employees

• As of 31 March 2015, the bank had 16,555 employees, out of which 197 were employees with disabilities.
• During the year 2012-2013, the bank records the business of 25.64 crores INR per employee and net profit of INR 12.17 lakhs per employee.
• As of 31 March 2016, it has an aggregate balance sheet size of Rs. 3, 74,372 crores and an overall turnover of Rs. 4, 81,613 crores.

IDBI Awards and Recognition

• In May 2013, IDBI Bank ranked #1197 in the Forbes Global 2000.
• It received the 'Overall Best Bank' and 'Best Public Sector Bank' awards in the Dun & Bradstreet Banking Awards, 2011.
• In 2011, it acknowledged Banking Technology awards for best use of Business Intelligence and the best Risk Management from the Indian Banks Association.