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Industrial Reconstruction Bank Of India (IRBI)

INDUSTRIAL RECONSTRUCTION BANK OF INDIA (IRBI)

Origin Of Industrial Reconstruction Corporation of India

In April 1971, Industrial Reconstruction Corporation of India (IRCI) was set up by IDBI and other development and public sector banks. IRCI was reconstituted and renamed as Industrial Reconstruction Bank of India in 1985 with a special Act in the parliament.

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[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

Capital Of Industrial Reconstruction Corporation of India

Industrial Reconstruction Bank of India was started with initial paid up capital of Rs. 50 crore which is contributed by central government, Reserve Bank of India, SCB and various financial institutions. Further capital can be raised with the help of issue of shares, debentures and accept deposits from public.

Objectives Of Industrial Reconstruction Corporation of India

Industrial Reconstruction Bank of India was established mainly for rehabilitating sick industrial units in India.

• To identify and remedial measures to sick industries.

• To provides financial assistance to reconstruction of sick industrial units.

• To promote the sick units into profitable units.

Functions Of Industrial Reconstruction Corporation of India

The following are the major functions of the Industrial Reconstruction Bank of India Credit and reconstruction agency for industrial revival modernization, rehabilitation, expansion, reorganization, diversification and rationalization. Empowered to grant loans and advances:

• Underwrite stocks, share and bonds.

• Guarantee loans and advances, performances and deferred payments.

• Gives assistance for capital expenditure, addition of balancing equipment etc.

Management Of Industrial Reconstruction Corporation of India

Industrial Reconstruction Bank of India is managed by the Board of directors with a full time chairman. Directors are nominated by central government, Reserve Bank of India, Schedule commercial Bank and financial institutions.

Subsidiaries of Industrial Reconstruction Bank of India

On March 27 1997, Industrial Reconstruction Bank of India was transformed into Industrial Investment Bank of India Ltd (IIBI) under the Companies Act. IIBI acts as a coordinating agency in the field of reconstruction.

Working Result of Industrial Reconstruction Corporation of India

Industrial Reconstruction Bank of India sanctioned financial assistance to various sick industrial units. Industrial Reconstruction Bank of India sanctioned Rs. 92 crores in 1980– 81 but it has increased to Rs. 4526 crore in 2002–03. It contributed 80% of the financial assistance at all over India.

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