Industrial Finance Corporation
Industrial Finance Corporation of India (IFCI) was established on July 1, 1948 as a statutory corporation. Later on it was converted into a public limited company. The objected of IFCI is making medium and long term credits more readily available it industrial concerns in India, particularly in circumstances where normal banking accommodation is inappropriate or recourse to capital issues methods is impracticable.
Granting loans and advances to industrial concerns, guaranteeing the loans raised by industrial concerns from other sources, guaranteeing loans in foreign currency raised by industrial concerns, underwriting and subscribing to the shares and debentures issued by industrial concerns, guaranteeing purchase of capital goods from foreign manufacturers, providing assistance under the soft loan scheme for modernization and renovation of sick industrial, acting as an agent of the central government and the world bank with regard to loans sanctioned to industrial concerns in India.