IDBI Mutual FundIDBI Mutual Fund is a subsidiary of IDBI Bank, a financial service provider catering to customers looking for short and long term investment options. As of March 2022, it manages assets worth of Rs. 4120.61 Crore via debt liquid funds, ELSS, domestic and overseas FoFs, and Multi Cap Funds.
Indian financial market recognises IDBI MF as one of the best performing investment schemes currently available. Its primary products are Equity, Debt, Gold, and Hybrid Funds. The products offer an annual return as high as 13.2% against the invested amount.
IDBI MF employs over 200 people across 15 branches across the country. IDBI Asset Management Limited was incorporated in accordance with the Companies Act, 1956 and IDBI Mutual Fund, a subsidiary was set up with compliance of the Indian Trusts Act of 1882.
Industrial Development Bank of India (IDBI) was incorporated under the Government Company Act on 1st July 1964. The primary aim of the bank was to provide financial support to the feeble industrial landscape of the country at the time. In its initial days, IDBI was a subsidiary of the Reserve Bank of India but they later transferred it to the Government of India in 1976. The Government itself had to forego control of the bank after mounting pressure from financial circles. Currently, LIC holds a 51% majority stake at the bank.
IDBI has one of the largest networks of branches and ATMs in the country owing to government backing through the years. It now has 1,891 branches spread across all states of the country as well as an overseas branch in Dubai.
IDBI is unlike any other banking institution in the country as it helped shape the financial sector, especially during the pre-liberalisation era. It had a direct and pivotal role to play in the formation of multiple national financial institutions. It includes –