IDBI Bank (Industrial Development Bank of India) was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. It is owned by the Government of India. It is one among the public sector banks in India and is a nationalized bank to be treated on par with State Bank of India (SBI) and by the finance ministry. 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 upto 51%