What is the Full Form of IFCI
IFCI: Industrial Finance Corporation of India
IFCI stands for Industrial Finance Corporation of India. The Industrial Finance Corporation of India (IFCI) was the government's first financial institution following independence which was founded to foster economic progress through infrastructure development and industries. The primary goal of IFCI's formation was to offer long-term financing to the nation's manufacturing and industrial sector.
IFCI has significantly boosted the economy by supporting activities in the manufacturing, infrastructure, services, and agricultural based sectors. After India's economy was liberalized in 1991, significant changes were made to the capital markets and financial system. IFCI's constitution was changed from that of a statutory corporation to that of a public company to facilitate direct capital rising through capital markets. In October 1999, the corporation changed its name to "IFCI Limited".
The Industrial Finance Corporation of India, which began in 1948, was turned into a public company on July 1, 1993. The fundamental reason for creating this development bank was to help the industrial sector with its medium to long-term financial requirements.
The IDBI (Industrial Development Bank of India), scheduled banks, the insurance industry, and cooperative banks are a few of the IFCI's key stakeholders. The Central Government reserves the right to raise the authorized capital of IFCI, which is 250 crores, as and when required.
Functions of IFCI