11 Facts About IDBI Bank

IDBI Bank Limited is a development finance institution under the ownership of Life Insurance Corporation of India, Ministry of Finance, Government of India.

In 2005, the institution was merged with its commercial division, IDBI Bank, forming the present-day banking entity and was categorised as "other development finance institution" category.

IDBI Bank was put under Prompt corrective action of the RBI and on 10th March 2021 IDBI Bank came out of the PCA.

Towards this end, the Reserve IDBI Bank concentrated on regulating and developing mechanisms for institution building.

In 1976, the ownership of IDBI Bank was transferred to the Union government and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India.

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IDBI Bank provided financial assistance, both in rupee and foreign currencies, for green-field projects and for expansion, modernization, and diversification purposes.

Consequently, IDBI formally entered the portals of banking business as IDBI Ltd.

However, IDBI Bank continued to base its policy towards industrial sector like the erstwhile IDBI Bank entity did.

Subsequent to the enhancement of equity stake by LIC of India, Reserve Bank of India has clarified via press release on 14 March 2019, that IDBI Bank stands re-categorised as a private sector bank, with retrospective effect from 21 January 2019.

IDBI Bank incurred a loss of ?1,538 crores towards employee benefit expenses during the same financial year.

IDBI Bank Intech has been accredited with ISO 9001:2000 certification for IT-related services including Data Centre Management and Call Centre, and Certified IT Security Auditing Organisation with the Indian Computer Emergency Response Team.