What is the full form of IDBI
IDBI: Industrial Development Bank of India
IDBI stands for Industrial Development Bank of India. It is 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 is one of the largest commercial banks of India which offers personalized banking and financial solutions. In the term of reach, it is 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.
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.
Financial Records and Employees:
On 31st March, 2013, There were 15465 employees in IDBI. The bank records business of 25.64 crores INR per employee and net profit of INR 12.17 lakhs per employee during the year 2012-2013. As on 31March 2016, it had an balance sheet size of Rs. 3,74,372 crore and total business of Rs. 4,81,613 crore.