OIDB Recruitment 2019 For Financial Adviser / Chief Account Officer

The Oil Industry Development Board was established on 13th January, 1975 under the Oil Industry (Development) Act, 1974 to provide financial assistance for development of Oil Industry. The Oil Industry (Development) Act, 1974 was enacted following successive and steep increase in the international prices of crude oil and petroleum products since early 1973, when the need of progressive self-reliance in petroleum and petroleum based industrial raw materials assumed more importance. The Oil Industry Development Board is functioning under the administrative control of Ministry of Petroleum & Natural Gas.

Oil Industry Development Board (OIDB) came into existence in 1975 after the enactment of Oil Industry (Development) Act 1974. The Board is mandated under the said Act to provide assistance by way of making grants or advancing loans, providing guarantees on loans and deferred payments of oil industrial concerns, underwriting or subscribing to the stock, shares, bonds and debentures of oil industrial concerns.