Google News
logo
Today General Knowledge(GK)
Which amidst the following banks was recently converted to a “Universal Bank” ?
A)
Canara Bank
B)
Bank of Baroda
C)
IDBI Bank
D)
Corporation Bank

Correct Answer : Option (C) - IDBI Bank



The Industrial Development Bank of India (IDBI) was established in 1964 by the government of India under an act of the Indian Parliament called the IDBI Act. On December 15, 2003, the Indian Parliament approved the conversion of Industrial Development Bank of India’s (IDBI) into a universal bank. The government’s move was significant given the fact that the Development Financial Institution (DFI) had been struggling to sustain its growth in recent times. In India, the Development Financial Institutions were established and developed by Government of India and Reserve Bank of India (RBI) to meet the specific needs of the industry and were traditionally engaged in long term financing, as their main objective was to take care of the investment needs of industries and to contribute to a better industrial climate.

Published On : June 26, 2021
Category : Banking
Advertisement