Q. In 1964, how was the Industrial Development Bank of India (IDBI) established?
Answer: A wholly-owned subsidiary of the RBI
Notes: IDBI was founded in 1964 as a wholly-owned subsidiary of the Reserve Bank of India to provide long-term credit for industrial development. In 1976, ownership transferred to the Government of India. IDBI became a commercial bank in 2004 and later a private sector bank after LIC’s takeover.