GENERAL KNOWLEDGE

Detailed explanation-1: -ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.

Detailed explanation-2: -of India and SCICI Ltd. unveiled a merger ratio of two shares of ICICI for five shares of SCICI. The merger of the two companies, which was expected, will be retroactive to last April 1.

Detailed explanation-3: -Broad objectives of the ICICI are: (a) to assist in the creation, expansion and modernisation of private concerns; (b) to encourage the participation of internal and external capital in the private concerns; ADVERTISEMENTS: (c) to encourage private ownership of industrial investment.