India is a land of diverse cultures and traditions, but amidst all this range, one consistent component. Strong awareness of economic improvement. To fuel this growth, India has several improvement banks that offer financial assistance to diverse sectors. These top development banks play an important function in the economic growth of the USA by offering funding and technical support to organizations, industries, and infrastructure initiatives.
Top Development Banks in India
1. IDBI (Industrial Development Bank of India)
It was established on July 1, 1964 under an Act of Parliament as a completely owned subsidiary of the reserve financial institution of India. On sixteen February 1976, the ownership of IDBI became transferred to the government of India, and it was made the essential economic group for coordinating the sports of institutions engaged in financing, promoting, and growing enterprises in the United states.
Product and Services Offered by IDBI
IDBI offers a suite of products in the capital market segment are the following:-
Stock broking services help to transfer funds and securities across their locations, which in turn enhance fund management and hay-in hay-out capabilities especially needed in today’s rotting settlement scenario.
2. Clearing Bank
IDBI is a clearing Bank in the equity and derivative segments with the national stock exchange (NSE). This service is extended to members of NSE, and the following value-added services are available to them:-
- Anywhere banking
- Pay order/draft on IDBI
- Net banking
- Mobile banking
- Phone banking in 17 locations
- Attractive interest for loan against shares
- Attractive transaction charges.
3. Bank Guarantee
IDBI provides bank guarantee to the National Stock Exchange (NSE) on behalf of member brokers to meet their security deposit base capital and margin requirements. IDBI reserves the discretion of issuing such guarantees, which are processed by the bank credit term.
4. Provident fund trust
The company would handle the investment of the ‘Employers Provident Fund Trust’ of companies if the regional provident fund commissioner exempted it. PF trusts to invest in ICICI bonds, IDBI bonds, PSU bonds and government securities, among other investment avenues.
2. ICICI (Industrial Credit and Investment Corporation of India)
It was established as a joint stock company in the private sector in 1955. Banks, insurance companies, foreign institutions, and the World Bank contributed their share capital. It comes in top development banks in India. Its major shareholders are UTI (Unit Trust of India), Life Insurance Corporation of India and General Insurance Corporation. They together hold approximately 50% of the paid-up share capital of ICICI.
Product and Services Offered by ICICI
- It provides medium and long term loans in Indian and foreign currency for importing capital equipments and technical services.
- Subscribes to new issues of shares.
- It provides technical and managerial assistance to industrial units.
- It is a guarantor loan raised from private sources.
- ICICI provides project consultancy services.
- It provides merchant banking.
3. IDFC (Infrastructure Development Finance Company)
IDFC was incorporated as a public limited company on January 30, 1997 with its registered office in Chennai and commercial business activities on June 9, 1977. IDFC was conceptualized to lead private capital to commercially viable infrastructure projects.
Product and Services Offered by IDFC
- Its main focus has been on energy telecommunications and transport projects.
- It provides senior debt financing through loans, debentures, securitized debt, and other products.
- It also undertakes advisory services, including advice on projects, finance structuring, and risk evaluations.
- It provides equity financing.
- IDFC has aggressively gained a foothold in the core financial services.