GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1964
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1965
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1966
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1967
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Detailed explanation-1: -Industrial Development Bank of India (IDBI) was constituted under the Industrial Development Bank of India Act, 1964 as a Development Financial Institution (DFI) and came into being on July 01, 1964, vide GoI notification dated June 22, 1964.
Detailed explanation-2: -Commenced operations in July 1964. IDBI established as a subsidiary of the Reserve Bank of India with the purpose of providing long term industrial finance.
Detailed explanation-3: -(2) The Development Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name sue or be sued.
Detailed explanation-4: -What is the full form of IDBI? The full form of IDBI is the Industrial Development Bank of India. IDBI was founded in 1964 as a wholly-owned subsidiary of RBI to provide financial and credit facilities for growth in the Indian industry.