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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.
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]
Recently idbi bank turn into private bank because lic acquire 51% share on 21 jan 2019 and bank itself in bombay stock exchange announcement (dated 21 jan 2019) mention it and also media report some link .Now idbi bank can called as type: public company or private sector bank. But some people again change into as govt bank.
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.
Public Sector Undertakings (Banks) are a major type of government-owned banks in India, where a majority stake (i.e., more than 50%) is held by the Ministry of Finance (India) of the Government of India or State Ministry of Finance of various State Governments of India. The shares of these government-owned-banks are listed on stock exchanges.
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]
United Western Bank (UWB) was an Indian bank founded in 1936 that IDBI Bank acquired in 2006 in a rescue. [1] The Reserve Bank of India placed UWB under a moratorium to protect the interest of public and depositors as growing losses eroded its capital.