IDBI (Industrial Development Bank of India) was established in :

Correct option is D

​The correct answer is (d) 1964

Explanation:

• The Industrial Development Bank of India (IDBI) was established on 1st July 1964 under an Act of Parliament as a wholly-owned subsidiary of the Reserve Bank of India (RBI).
• IDBI was initially set up to provide credit and financial support to industries and infrastructure projects in India.
• It played a crucial role in the development of Small and Medium Enterprises (SMEs) and Large Industries.

Information Booster:

• In 1976, the ownership of IDBI was transferred from RBI to the Government of India, making it an autonomous financial institution. It was set up to provide financial assistance for the industrial development of India.
• Later, in 2004, IDBI was converted into a full-fledged commercial bank and was renamed IDBI Bank Ltd.
• IDBI Bank is regulated by the Reserve Bank of India (RBI) and is classified as a private sector bank after LIC acquired a majority stake in 2019.

Additional Knowledge:

• SBI (State Bank of India) was established in 1955 by nationalizing the Imperial Bank of India.
• NABARD (National Bank for Agriculture and Rural Development) was established in 1982.