|Consider the following statements.|
|1. IDBI was constituted based on the model of Developmental Bank of Canada|
|2. It was regarded as a Public Financial Institution and continued to serve as a DFI for 40 years|
|3. IDBI Bank was earlier known as IDBI Ltd. Which of the statements given above about IDBI Bank are correct?|
A) Only 1 and 3
B) Only 2 and 3
C) All 1, 2, and 3
D) None of the above
Correct Answer: C
Solution :[c] IDBI was constituted on 1 July 1964 under IDBI Act 1964 based on the model of Developmental Bank of Canada with a motive to provide direct and indirect finance to Industries. Government of India took over the controls of IDBI in 1975 and then transformed into independent autonomous statutory organisation. It was regarded as a Public Financial Institution and continued to serve as a DFI for 40 years and was formally transformed into a Bank on 28 September 2004. It thus became 28th Public Sector Bank. IDBI Bank was earlier-known as IDBI Ltd which was change to its existing name IDBI Bank Ltd on 7 May 2008.
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