Explanation:

IFCI Ltd. was set up in 1948 as Industrial Finance Corporation of India, a Statutory Corporation, through `The Industrial Finance Corporation of India Act, 1948’ of Parliament to provide medium and long term finance to industry.

It was the first Development Financial Institution established by the Indian government after independence.

Until the establishment of ICICI in 1956, IFCI remained solely responsible for implementation of the government's industrial policy initiatives.

In 1993, it was reconstituted as a company to impart higher degree of operational flexibility and named as IFCI Ltd.

Functions :

The functions of the IFCI are as follows :

The corporation grants loans and advances to industrial concerns.
Granting of loans both in rupees and foreign currencies.
The corporation underwrites the issue of stocks, bonds, shares etc.
The corporation can grant loans only to public limited companies and co-operatives but not to private limited companies or partnership firms.

IFCI Ltd -
Founded : 1948