The Industrial Development Bank of India (IDBI) was established on 01st July 1964. Prior to 01st July 1964 it functioned as a department of Reserve Bank of India. The then staff of IDBI comprised of the staff from Reserve Bank of India (RBI) whose credit and thrift needs were catered by the Reserve Bank Staff Co-operative Credit Society Ltd, Bombay (Reserve Bank Society). On IDBI being established as an independent entity, the staff of IDBI was debarred from being a member of Reserve Bank Society and thus were sown the seeds to start a new credit society for the employees of IDBI. Until the formation of the new society, the Reserve Bank Society continued to meet the credit and other needs of staff members who opted for IDBI service. The breathing period gracefully provided by Reserve Bank Society was utilized by the ‘promoter’s group’ members in getting the IDBI Staff Co-Operative Credit Society Ltd duly registered under Regd No. 903 of 1978 dated 30th August 1978 with the Registrar of Co-operative Societies, Bombay Division.
The initial membership of the society was of 511 members with a total loan eligibility per member of Rs. 13,000/- and today stands beyond 7000 members with a total loan eligibility per member of Rs 25 lakhs. Today it serves the credit and thrift needs of the employees of IDBI Bank, IDBI Capital Market Services, SIDBI and IDBI Intech.
Over the years society has been growing by leaps and bounds and has been ensuring that the members of the society are provided with the best of services and has ensured the following: