Transformation of IDBI to commercial bank?
Q. When was IDBI transformed into commercial bank from Developmental Financial Institution?- Published on 17 Feb 17
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.
It continued to serve as a DFI for 40 years till the year 2004 when it was transformed into a Bank.
Subsequently, in September 2004, the Reserve Bank of India incorporated IDBI as a 'scheduled bank' under the RBI Act, 1934.
Consequently, IDBI, formally entered the portals of banking business as IDBI Ltd. from 1st October 2004.
The commercial banking arm, IDBI BANK, was merged into IDBI in 2005.
In 2006, IDBI Bank acquired United Western Bank (headquartered at Satara).
IDBI - Industrial Development Bank of India
Founded : July 1, 1964
Headquarters : Mumbai, India
Current Head : Mr. Kishor Kharat (MD & CEO)