IDBI Bank Ltd. history, profile and corporate video
IDBI Bank Ltd. provides commercial banking services to retail and corporate customers in India. It operates business through the following segments; Wholesale Banking, Retail Banking, Treasury Services and Other Banking operations. The company offers personalized banking and financial solutions to its clients in the retail and corporate banking arena through its large network of branches and ATMs, spread across length and breadth of India. Its services include corporate finance, infrastructure finance, which is engaged in structuring, and financing of infrastructure projects in the areas of power, telecom, roads, airports, seaports, railways and logistics, as well as special economic zones and agriculture and microfinance, which consists of a mix of retail agri-lending and funding farmers through corporate rural centers. IDBI Bank was founded on July 01, 1964 and is headquartered in Mumbai, India.“
“IDBI Bank History
Information on the Constitution of IDBI Bank
Industrial Development Bank of India
Industrial Development bank of India (IDBI) was constituted under Industrial Development bank of India Act, 1964 as a Development Financial Institution and came into being as on July 01, 1964 vide GoI notification dated June 22, 1964. It was regarded as a Public Financial Institution in terms of the provisions of Section 4A of the Companies Act, 1956. It continued to serve as a DFI for 40 years till the year 2004 when it was transformed into a Bank.
Industrial Development Bank of India Limited
In response to the felt need and on commercial prudence, it was decided to transform IDBI into a Bank. For the purpose, Industrial Development bank (transfer of undertaking and Repeal) Act, 2003 [Repeal Act] was passed repealing the Industrial Development Bank of India Act, 1964. In terms of the provisions of the Repeal Act, a new company under the name of Industrial Development Bank of India Limited (IDBI Ltd.) was incorporated as a Govt. Company under the Companies Act, 1956 on September 27, 2004. Thereafter, the undertaking of IDBI was transferred to and vested in IDBI Ltd. with effect from the effective date of October 01, 2004. In terms of the provisions of the Repeal Act, IDBI Ltd. has been functioning as a Bank in addition to its earlier role of a Financial Institution.
Merger of IDBI Bank Ltd. with IDBI Ltd.
Towards achieving the faster inorganic growth of the Bank, IDBI Bank Ltd., a wholly owned subsidiary of IDBI Ltd. was amalgamated with IDBI Ltd. in terms of the provisions of Section 44A of the Banking Regulation Act, 1949 providing for voluntary amalgamation of two banking companies. The merger became effective from April 02, 2005.
Merger of United Western bank with IDBI Ltd.
The United Western bank Ltd. (UWB), a Satara based private sector bank was placed under moratorium by RBI. Upon IDBI Ltd. showing interest to take over the said bank towards its further inorganic growth, RBI and Govt. of India amalgamated UWB with IDBI Ltd. in terms of the provisions of Section 45 of the Banking Regulation Act, 1949. The merger came into effect on October 03, 2006.
Change of name of IDBI Ltd. to IDBI Bank Ltd.
In order that the name of the Bank truly reflects the functions it is carrying on, the name of the Bank was changed to IDBI Bank Limited and the new name became effective from May 07, 2008 upon issue of the Fresh Certificate of Incorporation by Registrar of Companies, Maharashtra. The Bank has been accordingly functioning in its present name of IDBI Bank Limited.”
*Information from Forbes.com and Idbi.com
**Video published on YouTube by “IDBIBANK“