IFCI was the first Development Financial Institution of India set up to propel economic growth through the development of infrastructure and industry. IFCI established in

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	1964
B	1956
C	1952
D	1948

Explanation:

Detailed explanation-1: -Against this backdrop and to bridge the demand supply gap for capital needs of the economy, the Government of India established The Industrial Finance Corporation of India (IFCI) on July 1, 1948 by enacting the IFC Act 1948.

Detailed explanation-2: -IFCI Ltd (IFCI) was set up as a Statutory Corporation (“The Industrial Finance Corporation of India”) in 1948 for providing medium and long term finance to industry.. In 1993, after repeal of the Industrial Finance Corporation Act, IFCI became a Public Limited Company, registered under the Companies Act, 1956.

Detailed explanation-3: -IFCI (industrial financial corporation of india) was first development bank of india in 1948.

Detailed explanation-4: -The authorised share capital of the IFCI was Rs. 10 crore at the initial stage, According to the Industrial Finance Corporation (Amendment) Act, 1986, the authorised capital of the corporation has been raised from Rs.

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