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Industrial Finance Corporation Of India (IFCI)

INDUSTRIAL FINANCE CORPORATION OF INDIA (IFCI)

Origin Of Industrial Finance Corporation of India

Industrial Finance Corporation of India, the first development bank in India was set up in July, 1, 1948 by passing a special Act as Industrial Finance Corporation of India Act 1948 in the parliament.

finance
[Post Image Courtesy of Smarnad at FreeDigitalPhotos.net]

Capital Of Industrial Finance Corporation of India

Industrial finance corporation of India was started with the paid up share capital of Rs. 10 crore. The share capital was contributed by Reserve Bank of India, scheduled banks. Insurance companies, investment trust and co-operative banks. Industrial finance corporation of India can raise further capital with the help of issue of bonds, debentures, accepts deposits from public and advance from RBI.

Objectives Of Industrial Finance Corporation of India

The objective of Industrial finance corporation of India is to make medium and long-term credits more readily available to industrial concern in India particularly to the industries.

• Manufacturing, preservation or procession of goods

• The mining industry

• The shipping industries

• The hotel industries

• Generation or distribution of electricity or power

Functions Of Industrial Finance Corporation of India

The following are the main functions of the Industrial finance corporation of India:

1. Granting loans and advances.

2. Subscribing to the shares and debentures floated by industrial concern.

3. Guaranteeing loan taken from capital market.

4. Guarantee deferred payment in respect of import of capital goods by approved concerns.

5. Involves merchant banking activities.

6. Special assistance to women, SSI and backward area.

7. Consultancy for technical, marketing and financial.

Management Of Industrial Finance Corporation of India

Industrial finance corporation of India is managed by the board of directors which consist of 12 directors and one full time chairman. Some of the directors are nominated by IDBI, Central government, Scheduled Commercial Bank, Co-operative Banks and Insurance Companies.

Subsidiaries of Industrial Finance Corporation of India

Apart from the financial service to the industrial concern Industrial finance corporation of India promote some of the institutions:

• Tourism Finance Corporation of India Ltd.

• Management Development Institute.

• Risk Capital and Technology Finance Corporation Ltd.

• Technical consultancy organisation.

• Investment information and credit rating agency of India.

Working Result Of Industrial Finance Corporation of India

In 1970–71 loan sanctioned was Rs. 32.2 crore, in 1998 it was reached to Rs. 8684 crore. The total sanctioned by Industrial finance corporation of India as at the end of March 1999 stood at Rs. 47245 crore. Now-a- days Industrial finance corporation of India providing all kind of financial assistance to medium and large scale industrial sector in India.

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