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Q122 (IAS/2002) Economy › Industry, Infrastructure & Investment › Development finance institutions Answer Verified

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

Result
Your answer: —  ·  Correct: A
Explanation

The chronological order is IFCI → ICICI → IDBI → NABARD. IFCI was the first development finance institution set up in 1948 to provide medium- and long-term industrial finance [1]. ICICI followed as a joint-stock development finance company in 1955, broadening term-lending and investment support to industry [2]. The Industrial Development Bank of India (IDBI) was established later in 1964 as an apex development finance institution to coordinate industrial financing [2]. NABARD was constituted much later through the National Bank for Agriculture and Rural Development Act (1981) to serve rural credit and agricultural development, coming into existence around 1982 [3]. Thus the correct chronological sequence is 1, 2, 3, 4.

Sources

  1. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 7: Money and Banking > Industrial Finance Corporation of India > p. 182
  2. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 3: Money and Banking - Part II > 3.5 Development Financial Institutions (DFIs) > p. 134
  3. [3] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 7: Money and Banking > 7.18 Indian Economy > p. 174
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