Full Form of IFCI | IFCI Full Form | Meaning of IFCI| About IFCI
Full Form of IFCI is Industrial Finance Corporation of India: The Industrial Finance Corporation of India (IFCI) was established on first July, 1948, because the initial Development institution within the country below the economic Finance Corporation Act, 1948 to supply monetary help (medium and long-term) to large-scale industries everywhere the country. Later the name of commercial Finance Corporation of India was modified as “Industrial Finance Corporation of India Limited”.
According to Wikipedia:
IFCI, previously Industrial Finance Corporation of India, is an Indian government owned development bank to cater to the long-term finance needs the industrial sector. It was the first development finance institution established by the Indian government after independence.
Until the establishment of ICICI in 1991, 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. IFCI was allowed to access the capital markets directly.