Kollam, formerly known as Desinganadu, is an old seaport and a thriving city in the Indian state of Kerala. It is a port city along the Laccadive Sea coast. Mar Sabor, an East Syriac bishop, had founded the Kollam Port. The city is situated on the banks of the Ashtamudi Lake. In ancient times, Kollam had a strong commercial relationship with the Chinese. Kollam city ranks 5th in the country and 3rd in Kerala in terms of per capita income and economic performance. The port city has an excellent export background. Fishing and dairy farming largely contribute to the citys economy. The government is about to establish a fishing harbor in the vicinity of the city in order to increase the fish production. Fisheries, hatcheries, turkey and poultry farms are also plentiful in the city. The city also has a rich mineral base. The sands on the beaches and the entire area has a good amount of heavy minerals such as Ilmenite, Monosite, Rutile and Zircon, which can be used for industrial purposes. There are limestone deposits and bauxite in and around the city. Kollam is often called the "Cashew Capital of the World", as the city is noted for its traditional cashew business. This city is a microcosm of Kerala and its residents are from various religious, ethnic and linguistic groups.
IDBI Bank was established to provide credit and other financial facilities for the development of the fledgling Indian industry, in 1964. The Government of India owns it. It is a nationalized bank treated on par with State Bank of India (SBI) and other nationalized banks as per the notification dated 26th February 2013 by the finance ministry. At present,77% stake in IDBI Bank is holding by the government. In the current fiscal of 2017-18, the bank made a loss of Rs.853 crore compared to a profit of Rs.241 crore earned during the last fiscal year. It currently has 3,817 ATMs, 1,995 branches, including one overseas office in Dubai. On June 29, 2018, Life Insurance Corporation of India (LIC) has got a technical go-ahead from IRDAI to increase stake in IDBI Bank up to 51%. The RBI formed a committee which recommended the development financial institution (IDBI) to diversify its activity and harmonize the role of development financing and banking activities by getting away from the conventional distinction between commercial banking and developmental banking. The bank had 16,555 employees, out of which 197 were employees with disabilities, as on 31st March.