BANKING AFFAIRS

Detailed explanation-1: -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-2: -RFC Approved, January 1932 Eugene Meyer, Governor of the Federal Reserve Board, convinced the President that a public agency was needed to make loans to troubled banks. On December 7, 1931, a bill was introduced to establish the Reconstruction Finance Corporation.

Detailed explanation-3: -The Damodar Valley Corporation (DVC), established on 7th July 1948 by the Damodar Valley Corporation Act.

Detailed explanation-4: -Conclusion. The Industrial Finance Corporation of India (IFCI) was the government’s first financial institution following independence. The main goal of forming IFCI was to provide long-term financing to the country’s manufacturing and industrial sectors.

Detailed explanation-5: -Until the establishment of ICICI in 1991, IFCI remained solely responsible for implementation of the government’s industrial policy initiatives.