The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 was enacted by the Indian Parliament to transfer the assets, liabilities, and undertakings of the Industrial Development Bank of India (IDBI) to a new entity, the Industrial Development Bank of India Limited (IDBI Ltd.). This was done to make the IDBI more competitive and efficient in the changing financial environment of the country. The Act specifies the terms and conditions of the transfer and provides for the transfer of all employees of the IDBI to the new entity. The Act also repeals the Industrial Development Bank (Transfer of Undertaking and Repeal) Ordinance, 2003. The IDBI Ltd. is a public sector bank that provides finance and other services to various industrial sectors in India.