It was set up in 1964 as a subsidiary of Reserve Bank of India for providing financial assistance to all types of industrial enterprises without any restriction on the type of finance and the amount of funds. It could also refinance loans granted by other financial institutions and offer guarantees for the loans raised from the capital market or scheduled banks.

It also discounts and re-discounts the commercial bills of exchange and undertakes underwriting of the public issues.

IDBI, like ICICI, has also transformed into a commercial bank and has been re-titled as IDBI Ltd. with effect from 1 October 2004 with IDBI Bank merged into it.

IDBI Bank Website