Question

IFCI was the first chain establishment of financial corporations to provide financial assistance for industrial development. True Or False​

Answer 1

Answer:

IFCI was the first to be set up in the existing chain of development banks in 1948 by the Government of India. It provides medium and long term credit to industry. The Corporation performs three important functions: It grants loans and advances to industrial concerns and subscribes to the debentures floated by them.