IDBI Bank
A Govt Of India Owned Bank
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| Government-owned bank | |
| Traded as | : |
| Industry | Banking, Financial services |
| Predecessor | IDBI |
| Founded | July 1964 |
| Headquarters | Mumbai India |
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Key people
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Mr. Kishor Kharat (MD & CEO) |
| Products | consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, Agriculture Loan |
| Revenue |  ₹31,453.16 crore (US$4.7 billion) (2016) |
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₹5,370.07 crore (US$800 million) (2016) |
|
 ₹3,664.80 crore (US$540 million) (2016) |
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| Total assets |
₹374,372.13 crore (US$56 billion) (2016) |
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Number of employees
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16,555 (March 2015) |
| Website | www |
IDBI Bank (Hindi:आई.डी.बी.आई बैंक) is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, 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. 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.
Development Banking emerged after the Second World War and the Great Depression in 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.
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 terms.
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