Name any three special financial institutions and state their objectives.
Answers
Answer:
Special financial institutions are :
- Unit Trust Of India (UTI)
- Industrial credit and Investment Corporation of India (ICICI)
- National small industries Corporation of India (NSIC)
- Industrial Finance Corporation of India (IFCI)
- Industrial Development Bank Of India (IDBI).
The objectives of Unit Trust Of India (UTI) :
To stimulated pool together savings of people belonging to middle and low income groups.
The objectives of Industrial credit and Investment Corporation of India (ICICI)
To assist in the formation, development and modernization of Industrial unit in the private sector.
The objectives of National small industries Corporation of India (NSIC) :
To promote and protect the small industries by giving them financial assistance to buy machinery and tools.
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Answer:
The three special financial institutions are as following:
Industrial Finance Corporation of India (IFCI) : Its objectives include promoting balanced regional development and encouraging new entrepreneurs to enter into the priority sectors of the country.
Unit Trust of India (UTI) : The basic objective of UTI is to mobilise the community’s savings and channelise them into productive ventures.
Industrial Development Bank of India (IDBI) : It was established in 1964 with an objective to co-ordinate the activities of other financial institutions, including Commercial Banks.