IDBI Full Form
IDBI stands for Industrial Development Bank of India.
Overview of IDBI:
- Establishment: Founded in 1964.
- Purpose:
- To provide credit and financial support for the development of industries in India.
- To promote small-scale and medium-sized enterprises.
- Ownership:
- Initially established as a development bank and is now a subsidiary of the Life Insurance Corporation (LIC) of India.
Key Functions of IDBI:
- Financial Services:
Offers a range of banking products and services including:
- Corporate Banking
- Retail Banking
- Investment Banking
Support for Development:
Plays a crucial role in financing long-term projects for industrial development.
Policy Implementation:
- Works closely with the government to implement policies for economic growth and development.
Importance of IDBI:
- Economic Growth:
Contributes significantly to the industrial development and economic progress of the country.
Employment Generation:
- By supporting small and medium enterprises, IDBI helps in creating job opportunities.
Recent Developments:
- As of 2023, IDBI continues to evolve by:
- Adopting digital banking solutions.
- Enhancing customer services and operational efficiency.
In summary, IDBI is pivotal in fostering industrial growth and financial stability in India, making it a cornerstone of the country’s economic framework.