Competitive Exams Accountancy: Industrial finance corporation of India IFCI

Industrial finance corporation of India IFCI

Industrial Finance Corporation of India Ltd. IFCI, the first development finance institution was set up in 1948 under the IFCI Act to pioneer long-term institutional credit to medium and large industries. With a view to achieving greater operational flexibility and access to capital market, the undertaking of IFCI was transferred to and vested in a new company called Industrial Finance Corporation of India Ltd. Since renamed as IFCI Ltd. With effect from July 1, 1993. IFCI provides financial assistance to industry by way of rupee and foreign currency loans, underwriting/direct subscription to shares and debentures and guarantees, equipment finance, buyers ‘and suppliers’ credit, equipment leasing and finance to leasing and hire-purchase companies. Over the years, it has diversified its activities by setting up several subsidiaries. In tandem with changing business conditions and environment, the wholly-owned subsidiaries viz. IFCI Custodial Services and IFCI Investors Services Ltd.