The Full Form of IDBI is the Industrial Development Bank of India. The bank head office is situated in Mumbai and operates through 5 regional chapters in Delhi, Bangalore, Mumbai, Kolkata, Delhi, and Chennai.
For over 40 years, IDBI bank has played a pivotal role in nation-building. It’s the 10th largest bank in the world due to its structure and robust working capital. IDBI bank has a strong presence in the agricultural sector, with a highly competitive and dedicated workforce directing the daily operations.
Importance of IDBI Bank for India
For the smooth running of the economies the role of banks is very crucial. Banks are the financial institutions that provide credit for the entity in need of money and also acts as the manager of the savings of the people who have deposited their earned money in that bank. The essential role that a bank plays in an economy or society is making available capital for long term investments that is not possible by any individual to arrange. Thus it would not be wrong to say that Banks are inevitable Institutions for an economy to develop.
In our country the banking history started with the establishment of three banks named Imperial Bank of India during the British era. It was later renamed as State bank of India. As it was previously infamous only for providing facilities to big merchants and British people, after independence the Government of India took responsibility for establishing more banks for the general masses in the actual need of money. In later periods it was found that there is a dire need of providing capital sums for establishing bigger businesses and institutions.
With this view, the Government of India started a development financial institution in 1964. An act was passed under the name of Industrial Development Bank of India (IDBI) Act, 1964. After 40 years in 2004 it was transformed into a full functioning bank.
After years of service as a financial institution and later as a bank it has become the 10th largest bank in the world. It is a moment of pride for all of us for having a bank that is still true to its mission and is performing on the desired line and interest of the country.
Conclusion
There are different kinds of banks with different objectives and functions. Some banks are established and managed by the government of a nation. And there are some banks that are run by private entities. Students can register at Vedantu to know more on banks and their functions.
The Full Form of IDBI is the Industrial Development Bank of India. The bank head office is situated in Mumbai and operates through 5 regional chapters in Delhi, Bangalore, Mumbai, Kolkata, Delhi, and Chennai.
For over 40 years, IDBI bank has played a pivotal role in nation-building. It’s the 10th largest bank in the world due to its structure and robust working capital. IDBI bank has a strong presence in the agricultural sector, with a highly competitive and dedicated workforce directing the daily operations.
Importance of IDBI Bank for India
For the smooth running of the economies the role of banks is very crucial. Banks are the financial institutions that provide credit for the entity in need of money and also acts as the manager of the savings of the people who have deposited their earned money in that bank. The essential role that a bank plays in an economy or society is making available capital for long term investments that is not possible by any individual to arrange. Thus it would not be wrong to say that Banks are inevitable Institutions for an economy to develop.
In our country the banking history started with the establishment of three banks named Imperial Bank of India during the British era. It was later renamed as State bank of India. As it was previously infamous only for providing facilities to big merchants and British people, after independence the Government of India took responsibility for establishing more banks for the general masses in the actual need of money. In later periods it was found that there is a dire need of providing capital sums for establishing bigger businesses and institutions.
With this view, the Government of India started a development financial institution in 1964. An act was passed under the name of Industrial Development Bank of India (IDBI) Act, 1964. After 40 years in 2004 it was transformed into a full functioning bank.
After years of service as a financial institution and later as a bank it has become the 10th largest bank in the world. It is a moment of pride for all of us for having a bank that is still true to its mission and is performing on the desired line and interest of the country.
Conclusion
There are different kinds of banks with different objectives and functions. Some banks are established and managed by the government of a nation. And there are some banks that are run by private entities. Students can register at Vedantu to know more on banks and their functions.
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