IDBI Bank, which is owned by the Life Insurance Corporation of India and the Government of India, was established back in 1964. Initially, it was created to help boost industries in India. However, in 2004, it became a limited company and was classified as a ‘Private Sector Bank’ by the Reserve Bank of India.
Even though IDBI Bank isn’t exactly a government bank, it’s a public sector enterprise with significant government involvement. The government and the Life Insurance Corporation of India (LIC) together own a large part of the bank, with the government holding 45.48% and LIC holding 49.24% of the stakes.