GENERAL KNOWLEDGE

Detailed explanation-1: -(1) This Act may be called the Industrial Reconstruction Bank of India Act, 1984. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.

Detailed explanation-2: -The Industrial Reconstruction Corporation of India Ltd. (IRCI), set up in 1971 for rehabilitation of sick industrial companies, was reconstituted as Industrial Reconstruction Bank of India (IRBI) in 1985 under the IRBI Act, 1984.

Detailed explanation-3: -Answer: Under the Companies Act of 1956, IRBI was established, and in March 1997, it changed its name to the Industrial Investment Bank of India (IIBI).