supportive organisation of RBI is
Answers
Answered by
0
Till 1976, "IDBI" was a subsidiary bank of RBI. In the year 1976 it was separated from RBI & the ownership was transferred to Govt of India.
Explanation:
- The "Industrial Development Bank of India (IDBI)" was founded in 1964 by an Act for providing "credit & other financial facilities" for the development of the burgeoning Indian industry. It started operations as a "subsidiary of Reserve Bank of India" & was subsequently transferred to the Government of India by RBI.
- On 29th June 2018, the"Life Insurance Corporation of India (LIC)"obtained technical assistance from the Insurance Regulatory & Development Authority of India ( IRDAI) to raise its interest in IDBI Bank by up to 51%.
- LIC completed its purchase of 51 percent controlling interest on January 21 , 2019, making it the largest shareholder of the IDBI Bank. RBI has explained empty through the Press Release dated 14th March 2019 which IDBI Bank is re-categorised as a Private Sector Bank for legal reasons with effect from 21st January 2019.
To know more
Specify the objective of IDBI very short answer - Brainly.in
brainly.in/question/13374816
Similar questions