Question : The Industrial Development Bank of India was set up in:
Option 1: July 1968
Option 2: July 1966
Option 3: July 1964
Option 4: July 1962
Correct Answer: July 1964
Solution : The correct option is July 1964.
Established on July 1, 1964 , under a parliamentary act, the Industrial Development Bank of India (IDBI) initially operated as a wholly-owned subsidiary of the Reserve Bank of India. Its primary objective was to extend credit and financial aid to the industrial sector in India, with a focus on priority areas.
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