Discussion
The first financial institution set up in India
Answer: D
Correct answer: IFCI
The Industrial Finance Corporation of India, established in 1948, was the first development financial institution set up in independent India. Its purpose was to provide medium and long-term finance to industry at a time when the capital market was too shallow to supply it.
The others came later and filled different gaps: ICICI in 1955, with World Bank support and a private sector orientation; IDBI in 1964, initially as a subsidiary of the RBI and intended as the apex institution; and IRBI in 1985, to rehabilitate sick industrial units.
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