IIBI Full Form, What does IIBI stand for?

The Full Form of IIBI

IIBI Full Form – The Full form of IIBI in banking terms is Industrial Investment Bank of India, which was established in 1971, and headquartered in Kolkata as a financial investment institute under the Government of India. The IIBI was shut down in 2012 by the Indian Government until then it acted as a development bank that focused on the rehabilitation of industries that suffered major crash losses. The IIBI also financed some short term working capital and loans concerning projects. The IIBI had its branches at Mumbai, Ahmedabad, Chennai, New Delhi, and Guwahati.

Under the IRBI Act of 1984, the Industrial Reconstruction Bank of India was constituted in 1985 in compliance with the accord of turning it into a development financial institution. Under the Companies Act 1956, the IRBI was incorporated as the IRBI Ltd. in 1997. The Industrial Development Bank of India (IDBI) and Industrial Finance Corporation of India (IFCI) supported the idea of a merger with the IIBI in 2005 to form up a Universal bank, but the merger was declined by the IIBI.

The merger was refused because the merged entity couldn’t comply with the obligations of the Reserve Bank of India, the shares of the IFCI were listed on BSE and NSE. In 2007, the Indian Government ordered the closure of IIBI but till 2011 it was still operational. In 2012, the bank’s closure was finally announced and the nonperforming assets were disposed of by the Deloitte and Touche group.

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Kunji Team

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