Name any three central level financing institutions and explain h… - Vidyadip

Question

Name any three central level financing institutions and explain how they support entrepreneurs?

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Answer

Three central level financing institutions are IFCI, IDBI and ICICI.

IFCI: Industrial Finance Corporation of India (IFCI) was established in 1948 under the IFCI Act, 1948. The main objectives of the corporation is to provide medium and long-term credit to all industrial concerns in India.
IDBI: The Industrial Development Bank of India (IDBI) was established under the Industrial Development Bank of India Act, 1964 as a wholly owned subsidiary of the RBI. The ownership of IDBI has since been transferred to central government from 1976. The main objective of establishing IDBI was to set-up an apex institution to co-ordinate the activities of other financial institutions and to act as a reservoir on which the other financial institutions can depend.
ICICI: Industiral Credit and Investment Corporation of India (ICICI) was established as a joint stock company in the private sector in 1955. The major contributors towards its share capital are banks, insurance companies, foreign financial institutions and the world bank.

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