(4) The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament as a complete owned subsidiary of the Reserve Bank of India. In 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the ₹ of institutions engaged in financing, promoting and developing industry in India. At present, the Indian government holds 77 per cent stake in the IDBI Bank.