Growth of Industrial Development Bank of India

Growth of Industrial Development Bank of IndiaThe Industrial Development Bank of India was established in the year 1964 by the Act of Parliament. The main aim was to provide more financial impetus to the industrial sector in order to add to the Gross Domestic Product. Since then, the bank has gradually grown itself to become one of the well known financial institutions in the country by providing high class facilities and services. Today, it has become the tenth largest development bank in the world in terms of reach and reception. The bank has 975 ATMs, 352 centers and 568 branches. The IBDI is also credited with the establishment of other renowned financial institutions such as the National Stock Exchange of India, the Stock Holding Corporation of India and the National Securities Depository Services Ltd. Some basic facts about the bank are

In the year 2008, the IDBI went into a joint venture with Fortis Insurance International and the Federal Bank for making the IDBI Fortis Life Insurance program. The ownership of the bank in this program is around 48 %. According to the recent surveys, the premium of the bank amounts to around Rs 300 Crores