Status of IDBI Bank Ltd :
Industrial Development Bank of India (IDBI) came into being on 1st July, 1964 as a Development Financial Institutions under IDBI Act 1964. It was regarded as a Public Financial Institution in terms of Companies Act. It continued as DFI till 2004, when it was transferred into a Bank. To convert this into Bank, Industrial Development Bank (Transfer of Undertaking and Repeal) Act 2003 was passed. In terms of provisions, a new company under the name of Industrial Development Bank of India Ltd. was incorported as a Govt company under the Companies Act on 27th September, 2004, and thus now it came to be known as IDBI Ltd wef 1st October 2004, but it also worked as a Bank (in addition to the role of Financial Institutions) in terms of the Repeal Act. WEF 2nd April, 2005, IDBI Bank Ltd. (a wholly owned subsidiary of IDBI Ltd.) was finally amalgamaed with IDBI Ltd. in terms of the provisions of Section 44A of the BR Act 1949. Thus, now it was known as IDBI Ltd. In order that the name of the Bank truly reflects the functions it is carrying on, it was decided to change the name to "IDBI Bank Limited" and it became effective from 7th May, 2008. Thus, now it is functioning as " IDBI Bank Limited". As it was already a government company since its inception, it will be wrong to call it nationalized bank, but it certainly is a Public Sector Bank as GoI has above 70% shareholding in this Bank.