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The IDBI Bank Limited (IDBI Bank or IDBI) is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India.It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to industrial sector.
The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd, according to a government clarification on Tuesday. The current ...
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India’s commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, six PBs, 43 RRBs, and two LABs.
Rakesh Sharma (born 2 July 1958) is an Indian banker who is the Managing Director & Chief Executive Officer of IDBI Bank. [1] Sharma was the MD and CEO of Lakshmi Vilas Bank and Canara Bank. He has also held positions at State Bank of India during his 33-year tenure with the lender. [2]
IDBI is no longer an AIFI and has been converted into a universal bank by the Government of India. The IDBI was established to provide credit for major financial facilities to assist with the industrial development of India. It was established in 1964 by RBI, and was transferred to the government of India in 1976.
IDBI Bank was categorised as a private bank with effect from January 2019 on account of LIC acquiring the shares from GoI. [ 7 ] On 30 August 2019, Minister of Finance Nirmala Sitharaman announced the government's plan for further consolidation of public sector banks.
It is under the jurisdiction of Ministry of Finance, Government of India headquartered at Lucknow and having its offices all over the country. SIDBI was established on April 2, 1990, by Government of India, as a wholly owned subsidiary of IDBI Bank. It was delinked from IDBI w.e.f. March 27, 2000.
In 2005, The Government of India and IDBI Bank, a public sector bank were the sponsor shareholders of IDFC. The government brought down its stake to 34.91% through IDFC’s initial public offering in 2005. [7] In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector. [8]