Discussion
The first Development Bank IFCI was established in
Answer: A
Correct answer: 1948
The Industrial Finance Corporation of India was set up in 1948 under a special Act of Parliament, the first development financial institution in independent India. Its purpose was to supply medium and long-term finance to industry when the capital market was too shallow and the commercial banks too short-term in outlook to do so.
The others followed as the gaps became apparent: ICICI in 1955 with World Bank backing, IDBI in 1964 as the intended apex institution, and IRBI in 1985 for industrial rehabilitation.
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