IDBI Bank is one of those banks we all have heard many times about. But, still, we always think twice before investing our money in any of the banks whether it is safe to invest their or not. So, in this article, we will try to answer each and every question that comes to your mind after hearing about IDBI bank. Also, I hope that after reading this article you will get a basic idea about whether you should invest your money in this bank or not. Let’s get started with the article.
What Is The Full Form Of IDBI Bank?
The full form of IDBI bank is given as “Industrial Development Bank Of India”. This bank is headquartered in Mumbai and it is an Indian government-owned financial service company. It was initially established in 1964 in order to provide credit and other financial facilities for the development of the Indian Industry.
Initially, it was operated as the subsidiary of Reserve Bank of India. Also, many institutes such as Sidbi, Exim bank, NSE and NSDL find their roots in IDBI bank. At present, LIC (Life Insurance Corporation of India) holds a 51% stake in IDBI bank.
What Are The Products That IDBI Bank Provides?
IDBI bank is the same as other banks and also provides the same products that are offered by other banks. Whereas, the list of products offered by IDBI bank can be listed as follows.
List of the products offered by IDBI Bank:
- Consumer banking
- Credit cards
- Retail banking
- Investment banking
- Commercial banking
- Asset management
Is IDBI Public Or Private Bank?
IDBI bank is completely a private bank. It has been recently recategorized by RBI in its written order. And now, LIC’s professional board will control this bank. Now onwards LIC will protect IDBI bank employee’s job safety, salary, other benefits, and banks’ customers’ rights and their benefits. So, do not worry before investing in IDBI bank it is in the LIC’s safe and trusted hands.
Now IDBI bank will work as LIC’s subsidiary such as LIC HFL and other subsidiary companies. As, we all know that, LIC of India is 100% central government life Insurance organization and is very big, and most trusted corporation in India, you can invest your money in this bank.
The bank currently has 3,702 ATMs, 1892 branches, where one overseas branch in Dubai, 58 e-lounges and 1407 centers.
Who Is The CEO Of IDBI Bank?
The government of New Delhi has appointed Rakesh Sharma as managing director and CEO of IDBI Bank for a period of six months. And, also, it would be more amazing for you all to know that Sharma was the chief executive of Canara Bank till July 2018.
What Are The Objectives and functions Of IDBI Bank?
Objectives of IDBI bank:
- Planning, promotion, and development of key industries and diversification of industrial growth.
- Strategy, regulation, and guidance of the functioning of other financial institutions such as IFCI, ICICI, UTI, LIC, Commercial Banks, and SFCs.
Functions of IDBI bank:
- To offer mortgage and to SFCs, IFCI, other institutions, organized banks, state co-operative banks by the manner of subsidizing loans granted by such institution to industrial interests for transports.
- To guarantee deferred payment due to any industrial concern.
- Planning, encouraging and developing industries to fill up empty spaces in the industrial structure in India.
I hope you may have got a basic idea about the IDBI bank. And, also I hope you will get the basic idea about whether you should invest your money in IDBI or not from this article. But, as per my suggestion IDI bank is totally held and run by LIC, where LIC is the most trusted corporation so you can also trust the IDBI bank.