IDBI Bank - Wikipedia IDBI Bank IDBI Bank A Govt Of India Owned Bank Type Government - owned bank Traded as BSE : 500116 NSE : IDBI Industry Banking, Financial services Predecessor IDBI Founded 1 July 1964, 52 years ago Headquarters Mumbai India Key people Mahesh Kumar Jain ( Managing Director & CEO ) Products consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, Agriculture Loan Revenue ₹ 28,043.10 crore ( US $4.4 billion ) ( 2016 ) Operating income ₹ 5,370 crore ( US $840 million ) ( 2016 ) Net income ₹ - 3,664.80 crore ( US $ − 570 million ) ( 2016 ) Total assets ₹ 374,372.12 crore ( US $58 billion ) ( 2016 ) Number of employees 17,570 ( March 2016 ) Capital ratio 11.76 % ( 2016 ) Website www.idbi.com IDBI Bank ( Hindi : आई. डी. बी. आई बैंक ) was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. Central government is the owner of this bank and employees will be called as Central Govt staffs.It is one among the public sector banks in india. At present Govt holds 77 % stake in IDBI Bank, has reported yet another surge in bad loans in the April - June quarter. The lender now has the highest proportion of bad loans, with nearly a quarter of its book having turned bad. For the first quarter of the current financial year, the bank reported a net loss of Rs 853 crore compared to a profit of Rs 241 crore in the year - ago period. In the fourth quarter of financial year 2016 - 17, the bank had reported a loss of Rs 3,200 crore. While the reported loss was lower than the preceding quarter, bad loans continued to surge. It is currently has 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers. The Bank has an aggregate balance sheet size of INR 3.74 trillion as on 31 March 2016. Contents 1 History 1.1 Overview of development banking in India 1.2 Formation of Industrial Development Bank of India ( IDBI ) 1.3 Conversion of IDBI into a commercial bank 1.4 Acquisition of United Western Bank 2 Listings and shareholding 3 Employees 4 Collaboration With KfW Germany 5 Awards and recognitions 6 Issues 7 See also 8 References 9 External links History Overview of development banking in India Development Banking emerged after the Second World War and the Great Depression in 1930s. The demand for reconstruction funds for the affected nations compelled in setting up of national institutions for reconstruction. At the time of Independence in 1947, India had a fairly developed banking system. The adoption of bank dominated financial development strategy was aimed at meeting the sectoral credit needs, particularly of agriculture and industry. Towards this end, the Reserve Bank concentrated on regulating and developing mechanisms for institution building. The commercial banking network was expanded to cater to the requirements of general banking and for meeting the short - term working capital requirements of industry and agriculture. Specialised development financial institutions ( DFIs ) such as the IDBI, NABARD, NHB and SIDBI were set up to meet the long - term financing requirements of industry and agriculture. Formation of Industrial development Bank of India ( IDBI ) The Industrial Development Bank of India ( IDBI ) was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India. In 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India. IDBI provided financial assistance, both in rupee and foreign currencies, for green - field projects as also for expansion, modernisation and diversification purposes. In the wake of financial sector reforms unveiled by the government since 1992, IDBI also provided indirect financial assistance by way of refinancing of loans extended by State - level financial institutions and banks and by way of rediscounting of bills of exchange arising out of sale of indigenous machinery on deferred payment terms. After the public issue of IDBI in July 1995, the Government shareholding in the Bank came down from 100 % to 75 %. IDBI played a pioneering role, particularly in the pre-reform era ( 1964 -- 91 ), in catalyzing broad based industrial development in India in keeping with its Government - ordained ' development banking ' charter. Some of the institutions built with the support of IDBI are the Securities and Exchange Board of India ( SEBI ), National Stock Exchange of India ( NSE ), the National Securities Depository Limited ( NSDL ), the Stock Holding Corporation of India Limited ( SHCIL ), the Credit Analysis & Research Ltd, the Exim Bank ( India ), the Small Industries Development Bank of India ( SIDBI ) and the Entrepreneurship Development Institute of India. Conversion of IDBI into a commercial Bank A committee formed by RBI recommended the development financial institution ( IDBI ) to diversify its activity and harmonise the role of development financing and banking activities by getting away from the conventional distinction between commercial banking and developmental banking. To keep up with reforms in financial sector, IDBI reshaped its role from a development finance institution to a commercial institution. With the Industrial Development Bank ( Transfer of Undertaking and Repeal ) Act, 2003, IDBI attained the status of a limited company viz., IDBI Ltd. 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 1 October 2004. The commercial banking arm, IDBI BANK, was merged into IDBI in 2005. Acquisition of United Western Bank In 2006, IDBI Bank acquired United Western Bank ( headquartered at Satara ) in a rescue. By acquiring UWB, IDBI Bank more than doubled the number of its branches from 195 to 425. Listings and shareholding IDBI Bank 's equity shares are listed on Bombay Stock Exchange and the National Stock Exchange of India. As on 31 March 2016, Government of India held 73.98 % shares in IDBI Bank and Life Insurance Corporation of India held approx. 14.37 % of the shares. Employees As on 31 March 2015, the bank had 16,555 employees, out of which 197 were employees with disabilities. The average age of bank employees on the same date was 34 years. The bank reported business of INR 25.64 crores per employee and net profit of INR 12.17 lakhs per employee during the FY 2012 - 13. The company incurred INR 1,538 crores towards employee benefit expenses during the same financial year. Collaboration with KfW Germany IDBI Bank Ltd, through its DIFC Branch in Dubai, has signed a loan agreement for USD 340 million with KfW, Germany. The loan has a maturity of 10 years and carries a competitive rate of interest. Shri Melwyn Rego, Deputy Managing Director of IDBI Bank Ltd. represented IDBI Bank Ltd. and Dr. Norbert Kloppenburg, Member of the Executive Board of KfW represented KfW at the signing ceremony held in New Delhi. The loan would be availed by IDBI Bank Ltd. for funding loans to the micro -, smalland medium - sized enterprises ( MSME ) directly or indirectly through Microfinance Institutions ( MFI 's ) and Non Banking Finance Companies ( NBFC 's ). Part of the loan is dedicated for selected infrastructure projects to support municipalities and communities to improve health and living conditions. Commenting on the occasion, Shri Melwyn Rego, Deputy Managing Director, IDBI Bank Ltd. stated that the Bank is committed to provide financial support to the MSME sector which is one of the thrust areas of the Bank. This loan from KfW would provide further impetus in our endeavor of meeting the growing financial needs of this sector which plays a vital role in the country 's economic growth. Shri N.S. Venkatesh, Chief General Manager, IDBI Bank Ltd., while speaking at the event, said this transaction with KfW is the testimony to the long - standing relationship between IDBI Bank Ltd. and KfW which goes back to more than two decades. `` With this credit line, KfW is providing the IDBI with an important and broadly effective contribution towards creating income and fighting poverty in India. Growth among small companies triggers local demand and consumption, secures employment and is a key factor in the creation of new jobs '', said Dr Norbert Kloppenburg, member of the Executive Board of the KfW Group. Awards and recognitions IDBI Bank was ranked # 1197 in the Forbes Global 2000 in May 2013. It received the ' Overall Best Bank ' and ' Best Public Sector Bank ' awards in the Dun & Bradstreet Banking Awards, 2011. In 2011, it received Banking Technology awards for best use of Business Intelligence and the best Risk Management from Indian Banks Association. Issues On 29 feb 2016, the Finance Minister Shri Arun Jaitley declared that there is a chance of dilution of the Government of India stake in IDBI Bank to below 50 %. See also IDBI Federal Life Insurance IDBI Intech Ltd. Banking in India List of banks in India References ^ Jump up to : `` Annual Report of IDBI Bank '' ( PDF ). Jump up ^ `` About us ''. IDBI Bank. Retrieved 22 February 2014. Jump up ^ `` History ''. IDBI Bank. Retrieved 22 February 2014. Jump up ^ `` United Western Bank to merge with IDBI ''. Rediff.com. 13 September 2006. Retrieved 22 February 2014. Jump up ^ `` IDBI Bank ''. BSEindia.com. Retrieved 22 February 2014. Jump up ^ `` IDBI Bank ''. NSE India. Retrieved 22 February 2014. ^ Jump up to : `` Annual Report 2012 - 13 '' ( PDF ). IDBI Bank. Retrieved 22 February 2014. Jump up ^ Bank, IDBI. `` IDBI loans $340 M to KfW '' ( PDF ). Jump up ^ `` IDBI Bank on the Forbes Global 2000 List ''. Forbes. May 2013. Retrieved 18 February 2014. Jump up ^ `` IDBI Bank Wins Dun & Bradstreet Banking Awards 2011 for Overall Best Bank & Best Public Sector Bank ''. Business Standard. 5 September 2011. Retrieved 22 February 2014. Jump up ^ `` IDBI Bank bags IBA 's prestigious Banking Technology Awards ''. Business Standard. 4 March 2011. Retrieved 22 February 2014. Jump up ^ `` Bank officers protest IDBI Bank stake sale ''. Business Standard. 4 March 2016. Retrieved 7 March 2016. Jump up ^ `` Privatisation move : IDBI Bank staff bombard blog with protest notes ''. BusinessLine. 4 March 2016. Retrieved 7 March 2016. 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Question: what is the long form of idbi bank
Answer: The Industrial Development Bank of India