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The genesis of "Industrial Development Bank of India Limited" (IDBI Ltd) can be traced to the establishment of The Industrial Development Bank of India (IDBI), its predecessor entity, in 1964, by an Act of Parliament to provide credit and other facilities for the development of Indian industry. IDBI Ltd entered commercial banking with the incorporation of IDBI Bank Ltd as a its subsidiary. On April 2, 2005, IDBI Bank Ltd was merged into IDBI Ltd as per the scheme of amalgamation sanctioned by RBI. The merger seeks to consolidate business across the value chain and provide economies of scale to the merged entity, enabling it to offer an array of customer friendly services to its existing and prospective clients, both within the geographical boundaries of India and, in due course, abroad.
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