What is the full form of IDBI?

What is IDBI?

IDBI stands for Industrial Development Bank of India. This bank was founded as a subsidiary of RBI in 1964. The bank was launched with the aim of providing credit and financial facilities to grow the Indian industries. The bank is headquartered in Mumbai and is a popular commercial bank in India.

Aims of IDBI

• IDBI was launched to provide financial assistance to Indian industries in different ways

• It also helps to diversify different industries

• Provides assistance to the growth of those industries which help in the growth of India

• Provides support to different financial institutions like IFCI, ICICI, LIC, and many more

How does IDBI Work?

IDBI provides many services to different industries and organizations. Let us know about these services in detail.

Different Types of Industries

IDBI was formed with the primary aim of creating new industries and modernizing, expanding, and diversifying the existing ones. The bank provides financial assistance to promote new small and large-scale industries by providing financial assistance so that new projects can be started.

Project Finance

IDBI provides financial help so that new and existing firms can get financial assistance to work on new projects. The help is provided in the form of loans, fixed loans in different currencies, and gold loans along with many other types of financial help. Loans are offered at fixed and variable interest rates.

Non-Project Finance

IDBI provides non-project financial assistance to those firms that are strongly established. This finance helps the firms to expand their capital, install new equipment, replace the existing equipment, and a lot more.

Products of IDBI

IDBI provides different products to different industries and for the economic growth of India. One of these products is the senior citizen account scheme which is an investment plan that can be availed by people whose age is 60 and above. Gold loans with very little interest are provided to different organizations in various industries.

Forex Service

IDBI also provides Forex service or foreign exchange service. This service is provided so that industries can be developed

Merchant Banking

IDBI provides merchant banking services in the form of loans, corporate advice, capital financing, etc. to develop business industries.

Conclusion

IDBI is a bank which has been established to provide financial assistance to different industries. It provides assistance in the form of loans, gold loans, and many more. The loans are provided with minimal interest and in an easy way. Industries can use its services to expand their business.

FAQs

FAQ 1: To whom does IDBI provide gold loan

Ans: IDBI provides gold loans to entrepreneurs of all types. The loans are provided for launching new projects and expanding the capital.

FAQ 2: Which products are provided by IDBI bank

Ans: The products include saving accounts, loans, debit cards, credit cards, agricultural loans, etc.

FAQ 3: What is the age to apply for the senior citizen scheme?

Ans: Generally, a senior citizen should be at least 60 years of age or more to avail this service. People who have taken voluntary retirement can apply for the scheme at the age of 55 and defense personnel at the age of 50 years.

FAQ 4: When was IDBI established?

Ans: IDBI was established in 1964.