IIBI Full Form

by Yogi P - August 27, 2023

What is the full form of IIBI?

Full form of IIBI is the Industrial Investment Bank of India.

What does IIBI stands for?

IIBI stands for the Industrial Investment Bank of India. It was a government-backed financial institution in India that started in 1971 and closed in 2012. Its main purpose? To help struggling industrial companies get back on their feet.

Services Offered

IIBI provided many financial services including project funding assistance, short-term asset-backed loans, and other quick funding solutions.

Key Points in IIBI’s History:

1. Beginning: IIBI was established in 1971 through the Companies Act by the Indian Parliament.
2. Locations: Its main office was in Calcutta, but they also had branches in major cities like Mumbai, Delhi, Bengaluru, Chennai, Ahmedabad, and Guwahati.
3. Evolution: Originally, in 1971, there was the Industrial Reconstruction Corporation of India Ltd. Its aim? To help sick industrial firms. By 1985, this was transformed into the Industrial Reconstruction Bank of India under the IRBI Act of 1984.
4. Clients: Some notable companies that worked with IIBI included Videocon, Great Threads, Dr Morepen, Clutch Auto Limited, JSW Ispat, and LML Motors.
5. Merger Proposal: In 2005, there was a proposal to merge IIBI with two other financial entities – the Industrial Development Bank of India and the Industrial Finance Corporation of India. However, IIBI wasn’t in favor of this.
6. Closing Down: After the merger idea didn’t go through, the Indian government decided in 2006-2007 to close IIBI. By 2011, only the Kolkata branch was operational.
7. Endgame: In 2012, the government confirmed IIBI’s closure. Deloitte & Touche were given the task to manage IIBI’s non-performing assets.