Write the name of the Auxiliary Institution of IDBI
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Industrial Development Bank of India (IDBI) established under Industrial Development Bank of India Act, 1964, is the principal financial institution for providing credit and other facilities for developing industries and assisting development institutions. ADVERTISEMENTS: Till 1976, IDBI was a subsidiary bank of RBI.
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IDBI - Industrial Development Bank of India:
Explanation:
- IDBI refers to the "Industrial Development Bank of India" which was set up in 1964 for providing credit and other money-related help to the rising Indian industry.
- Earlier, it acted as a subsidiary of RBI but now, it has got under the jurisdiction of GOI.
- It helped United Western Bank in a crisis and has around 425 branches at the moment.
- One of the major shareholders of the bank is LIC of India which controls around 51% of stakes in the bank.
Learn more about IDBI:
Supportive organisation of RBI is-
Options: IDBI, ICICI, IFCI, All of above
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