Which one among the following has not started commercial banking?

The correct answer is D. UTI.

SIDBI is a wholly-owned subsidiary of the Ministry of Finance, Government of India. It was established in 1981 to promote the development of small-scale industries. IDBI is a public sector bank that was established in 1964 to promote industrial development in India. ICICI is a private sector bank that was established in 1955 to promote industrial development in India. UTI is a mutual fund company that was established in 1964 to promote the development of the capital market in India.

UTI has not started commercial banking because it is a mutual fund company. Mutual fund companies are not allowed to undertake commercial banking activities.