GK
IMPORTANT ACTS OF THE PARLIAMENT OF INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1951
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1953
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1955
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1957
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Detailed explanation-1: -The State Financial Corporation Act was passed in 1951 in order to influence the establishment of small to medium businesses and support entrepreneurship.
Detailed explanation-2: -State Financial Corporations (SFCs) are the financial institutions that were set up by the state governments in India, post-Independence. The objective was to provide credit and other support services to small businesses and farmers.
Detailed explanation-3: -The various important functions of State Finance Corporations are: (i) The SFCs provides loans mainly for the acquisition of fixed assets like land, building, plant, and machinery. (ii) The SFCs help financial assistance to industrial units whose paid-up capital and reserves do not exceed Rs.