Consider the following financial institution of India: 1. Industrial Finance Corporation of India (IFCI) 2. Industrial Credit and Investment Corporation of India (ICICI) 3. Industrial Development Bank of India (IDBI) 4. National Bank for Agriculture and R

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Q: 122 (IAS/2002)
Consider the following financial institution of India:
1. Industrial Finance Corporation of India (IFCI)
2. Industrial Credit and Investment Corporation of India (ICICI)
3. Industrial Development Bank of India (IDBI)
4. National Bank for Agriculture and Rural Development (NABARD) The correct chronological sequence of the establishment of these institutions is

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,82,107,82,28,41,38

keywords: 

{'industrial development bank': [0, 1, 2, 1], 'industrial finance corporation': [0, 0, 2, 0], 'financial institution': [0, 0, 2, 1], 'national bank': [0, 0, 1, 1], 'industrial credit': [0, 1, 2, 0], 'institutions': [2, 1, 4, 11], 'investment corporation': [0, 1, 2, 0], 'idbi': [0, 0, 2, 1], 'correct chronological sequence': [0, 1, 5, 1], 'icici': [0, 0, 2, 0], 'india': [8, 1, 7, 13], 'ifci': [0, 0, 2, 0], 'agriculture': [5, 1, 0, 6], 'establishment': [2, 0, 5, 7], 'rural development': [1, 3, 8, 15], 'nabard': [0, 0, 1, 1]}

The correct answer is option 1- 1,2,3,4. Here`s why:

1. Industrial Finance Corporation of India (IFCI) was established in 1948. It was launched as the first development finance institution in India to cater to the long-term finance needs of the industrial sector.

2. Industrial Credit and Investment Corporation of India (ICICI) was setup in 1955 as a joint-venture of the World Bank, the Government of India and representatives of private industry.

3. Industrial Development Bank of India (IDBI) was established in 1964. It was originally set up as a subsidiary of the Reserve Bank of India, with the aim to provide credit and other financial facilities for the development of Indian industry.

4. National Bank for Agriculture and Rural Development (NABARD) was established in 1982 to provide and regulate credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts, and other rural crafts.

So, the chronological sequence of establishment is IFCI (1948), ICICI (1955), IDBI (1964), and NABARD (1982). Thus, option 1 is the correct answer.