IDBI warns job seekers against fake offers, says no agency hired for recruitment

IDBI Bank on Friday cautioned the public against fake job offers in its name and said it has not hired any agency for recruitment or collecting money.

It has come to notice that some unscrupulous persons/recruitment agencies have been making job offers in the name of IDBI Bank by issuing fake offer letters, using the bank's name, logo and address in fake stationery, the lender said in a tweet.

The LIC-controlled bank said it has not hired the services of any agency or individual to recruit personnel on its behalf or collect any money/commission/charges for training etc.

General public is hereby advised to exercise caution while dealing with such unscrupulous persons/agencies, IDBI Bank said.

Further, the bank said its recruitment notifications are always displayed on its website www.idbibank.in.

Industrial Development Bank of India (IDBI Bank Limited or IDBI Bank or IDBI) was established in 1964 by an Act to provide credit and other financial facilities for the development of the fledgling Indian industry.

Many national institutes finds their roots in IDBI like SIDBI, India Exim Bank, National Stock Exchange of India and National Securities Depository Limited.

Initially it operated as a subsidiary of the Reserve Bank of India and later RBI transferred it to the Government of India. On 29 June 2018, Life Insurance Corporation of India (LIC) has got a technical go-ahead from Insurance Regulatory and Development Authority of India (IRDAI) to increase stake in IDBI Bank up to 51%.

LIC completed acquisition of 51% controlling stake on 21 January 2019 making it the majority shareholder of the IDBI Bank.

The bank has an aggregate balance sheet size of ₹3.74 trillion as on 31 March 2016.

It has 3,683 ATMs, 1,892 branches, including one overseas branch in Dubai, 58 e-lounges and 1,407 centers as of 1 February 2020.

IDBI played a pioneering role, particularly in the pre-reform era (1964–91), in catalyzing broad based industrial development in India in keeping with its Government-ordained 'development banking' charter.

In 2006, IDBI Bank acquired United Western Bank (headquartered at Satara) in a rescue. By acquiring UWB, IDBI Bank doubled the number of its branches from 195 to 425.

LIC of India completed acquisition of 51% controlling stake in IDBI Bank on 21 January 2019 making it the majority shareholder of the bank. Subsequent to enhancement of equity stake by LIC of India on 21 January 2019, Reserve Bank of India has clarified vide a Press Release dated 14 March 2019, that IDBI Bank stands re-categorized as a Private Sector Bank, with retrospective effect from 21 January 2019.

As of 22 January 2019, Government of India held 46.46% shares in IDBI Bank.