IDBI Establishment Year Explained
The Industrial Development Bank of India (IDBI) is a pivotal financial institution in India, established to provide credit and other facilities for the development of industry. Understanding its establishment date is crucial for exams related to Indian banking and economy.
Key Fact: IDBI Founding
The Industrial Development Bank of India (IDBI) was established by an Act of Parliament on July 1, 1964. It was initially set up as a subsidiary of the Reserve Bank of India before becoming an independent entity.
Correct Option Identification
- Option 1: 1955 - Incorrect. This year relates to the establishment of the State Bank of India (SBI).
- Option 2: 1980 - Incorrect. This year marks the nationalization of several major private banks.
- Option 3: 1964 - Correct. This is the year IDBI was established.
- Option 4: 1982 - Incorrect. This year is associated with EXIM Bank's establishment.
Therefore, IDBI was established in 1964.
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