IDBI Bank

The IDBI Bank is a private sector bank in India. The parent company of IDBI Bank is Life Insurance Corporation (LIC), or IDBI Bank can be called as the subsidiary of the Life Insurance Corporation (LIC). It has been offering banking and financial services since 1964. It was initially called the Industrial Development Bank of India. In 2005, it was merged with IDBI Bank and was called as a public sector bank for a brief period of time.

Current State of the IDBI Bank

In 2019, the Reserve Bank of India made IDBI Bank private again. IDBI Bank has initiated the inception of various financial institutions like the India Exim Bank, National Securities Depository Limited, SIDBI and National Stock Exchange of India. The IDBI Bank share is increasing in value day by day. This is because the financial institution engages in both IDBI corporate banking and personal banking.

Core Information About the IDBI Bank

• Total annual profit: Rs. 3.74 trillion
• Total Number of ATMs in India: About 3700
• Total Number of IDBI branches in India: About 2000
• Total Number of e-lounges: 58
• Total Number of financial centres: About 1500
• Total Number of employees: About 20,000

History of the IDBI Corporate Banking

1. In the 1930s, there was a demand for financial institutions in India to work towards reconstructing the Indian economy that had taken a deadly blow from the world events like the 2nd world war and the Great Depression. Developmental Financial Institutions like the IBDI, SIDBI, NABARAD and NHB were established as a long-term solution that would help the government of India fulfil the financial needs of those in agriculture and other industries.

2. IDBI was founded in 1964 through a Parliament of India Act. It was to remain a subsidiary under the Reserve Bank of India. However, in 1976, the Union Government was given ownership of the IDBI.

3. However, the IDBI entered the commercial financial sector as a bank only in 2004 in order to keep up with developments in the financial sector of India.

List of IDBI Bank Subsidiaries

1. IDBI MF Trustee Company Limited.
2. IDBI Asset Management Limited.
3. IDBI Capital Market Services Limited.
4. IDBI Intech Limited.
5. IDBI Federal Life Insurance Company Limited.

IDBI Bank Awards

For its financial services since the inception of the IDBI, IDBI bank was acknowledged and appreciated on many occasions. Some of the awards given to the IDBI bank are as follows:

1. Forbes Global gave IDBI Bank the ranking of 1197 in 2000.
2. In 2011, IDBI Bank received the awards Best Risk Management and Best Use of Business Intelligence by Banks Association and Banking technology, respectively.
3. In 2011, IDBI Bank also received the Best Public Sector Bank awards and Overall Best Bank by Dun and Bradstreet Banking Awards.

IDBI Bank Owner

The IDBI Bank owner is the Life Insurance Corporation (LIC). It is an investment and insurance company with its headquarters in Mumbai, India. The government of India owns the Life Insurance Corporation. Therefore, by default, the IDBI Bank is also owned by the government of India. To the specific, about 49% of the IDBI Bank share is held by the Life Insurance Corporation, and about 45% of the IDBI Bank share is owned y the Union Government of India. Therefore, the management of the bank is with the Life Insurance Corporation (LIC).

Conclusion

IDBI Bank was founded with the intention to revive the economy. Since its inception, it has played its role with responsibility and successfully. The IDBI bank owner is Life Insurance Corporation (LIC). The IDBI Bank has helped establish critical financial institutions. It also has subsidiaries under it that work towards reaching those people in utmost need of financial intervention. Due to its services, IDBI bank is amongst the top commercial banks in India, and IDBI bank shares remain valuable, priced at Rs. 42.50.