please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . august 2011 learn how and when to remove this template message this article relies too much on references to primary sources . please improve this by adding secondary or tertiary sources . may 2007 learn how and when to remove this template message learn how and when to remove this template message it has been suggested that this article be merged with idbi intech ltd. discuss proposed since november 2014 . idbi bank a govt of india owned bank type government owned bank traded as bse 500116 industry banking financial services predecessor idbi founded july 1964 ; 52 years ago 1964 07 headquarters mumbai india key people mr. kishor kharat md & ceo products consumer banking corporate banking finance and insurance investment banking mortgage loans private banking private equity wealth management agriculture loan revenue 31 453.16 crore us 4.7 billion 2016 1 2 operating income 5 370.07 crore us 800 million 2016 2 net income 3 664.80 crore us 540 million 2016 2 total assets 374 372.13 crore us 56 billion 2016 1 2 number of employees 16 555 march 2015 1 website www.idbi.com idbi bank hindi ... is an indian government owned financial service company formerly known as industrial development bank of india headquartered in mumbai india . it was established in 1964 by an act of parliament to provide credit and other financial facilities for the development of the fledgling indian industry . it is currently 10th largest development bank in the world in terms of reach with 3350 atms 1853 branches including one overseas branch at dubai and 1382 centers . 3 it is one of 27 commercial banks owned by the government of india . the bank has an aggregate balance sheet size of inr 3.74 trillion as on 31 march 2016 . 4 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 awards and recognitions 5 issues 6 see also 7 references 8 external links history edit overview of development banking in india edit 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 etc. with majority ownership of the reserve bank were set up to meet the long term financing requirements of industry and agriculture . formation of industrial development bank of india idbi edit 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 . citation needed 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 . citation needed 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 edit a committee formed by rbi under chairmanship of s.h.khan 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 edit 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 . 5 6 listings and shareholding edit idbi bank s equity shares are listed on bombay stock exchange and the national stock exchange of india . 7 8 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 edit as on 31 march 2015 the bank had 16 555 employees out of which 197 were employees with disabilities . 1 the average age of bank employees on the same date was 34 years . 1 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 . 1 the company incurred inr 1 538 crores towards employee benefit expenses during the same financial year . 1 awards and recognitions edit idbi bank was ranked 1197 in the forbes global 2000 in may 2013 . 9 it received the overall best bank and best public sector bank awards in the dun & bradstreet banking awards 2011 . 10 in 2011 it received banking technology awards for best use of business intelligence and the best risk management from indian banks association . 11 issues edit 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 % . 12 13 see also edit idbi federal life insurance idbi intech ltd. banking in india list of banks in india references edit a b c d e f g annual report 2012 13 pdf . idbi bank . retrieved 22 february 2014 . a b c d financial summary of idbi bank . ndtv profit . retrieved 22 february 2014 . idbi bank . business.mapsofindia.com . retrieved 2010 07 26 . about us . idbi bank . retrieved 22 february 2014 . history . idbi bank . retrieved 22 february 2014 . united western bank to merge with idbi . rediff.com . 13 september 2006 . retrieved 22 february 2014 . idbi bank . bseindia.com . retrieved 22 february 2014 . idbi bank . nse india . retrieved 22 february 2014 . idbi bank on the forbes global 2000 list . forbes . may 2013 . retrieved 18 february 2014 . 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 . idbi bank bags iba s prestigious banking technology awards . business standard . 4 march 2011 . retrieved 22 february 2014 . bank officers protest idbi bank stake sale . business standard . 4 march 2016 . retrieved 7 march 2016 . privatisation move idbi bank staff bombard blog with protest notes . businessline . 4 march 2016 . retrieved 7 march 2016 . external links edit official website news articles on idbi bank at times of india idbi bank at bombay stock exchange idbi bank at national stock exchange of india idbi bank on facebook v t e banking in india reserve bank reserve bank of india public sector banks allahabad bank andhra bank bank of baroda bank of india bank of maharashtra bharatiya mahila bank canara bank central bank of india corporation bank dena bank idbi bank indian bank indian overseas bank oriental bank of commerce post bank of india punjab & sind bank punjab national bank state bank of bikaner & jaipur state bank of hyderabad state bank of india state bank of mysore state bank of patiala state bank of travancore syndicate bank uco bank union bank of india united bank of india vijaya bank private sector banks axis bank bandhan bank catholic syrian bank city union bank dcb bank dhanlaxmi bank federal bank hdfc bank icici bank idfc bank indusind bank jammu & kashmir bank karnataka bank karur vysya bank kotak mahindra bank lakshmi vilas bank nainital bank rbl bank ratnakar bank south indian bank tamilnad mercantile bank limited yes bank cooperative banks buldhana urban cosmos bank repco bank saraswat bank 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of rajasthan bank of thanjavur bareilley corporation bank bengal central bank bharat overseas bank centurion bank of punjab chartered bank of india australia and china commercial bank of india dass bank exchange bank of india & africa global trust bank grindlays bank hindustan commercial bank imperial bank of india ing vysya bank lakshmi commercial bank lord krishna bank madhavpura mercantile cooperative bank mercantile bank of india london and china miraj state bank nath bank nedungadi bank new bank of india oriental bank corporation oudh commercial bank palai central bank pandyan bank sikkim bank state bank of indore state bank of saurashtra times bank united industrial bank united western bank related topics banks board bureau banking codes and standards board of india atm usage fees in india de materialisation demat