Other Financial Institutions

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Bank and Other Financial Institutions : : Reserve Bank of India | Imperial Bank of India | Nationalization of Banks | Regional Rural Banks

  • Industrial Credit and Investment Corporation of India Bank ( ICICI Bank ) : Established in 1955 as a public limited company to encourage and assist industrial units of the nation. It has been converted into a bank with effect from 3rd May, 2002.
  • Small Industries Development Bank of India ( SIDBI ) : Established in 1990, promotes small scale sector.
  • National Bank of Agriculture and Rural Development ( NABARD ) : Established on 5th November, 1982, gives credit facilities to farmers.
  • Export – Import Bank of India ( EXIM ) : Set – up on 1st January, 1982, grants deferred credit to Indian exporters in order to operate in the international market.
  • Industrial Development Bank of India ( IDBI ) : The IDBI which was established as Development Finance Institution under IDBI Act, 1964 has been converted as a banking company. Parliament passed the Act so as to cancel out IDBI Act 1964 and to open the way for the registration of this new banking company.
  • IDBI got the certificate of commencement of business on 28th September, 2004 and the IDBI was transformed into IDBI Ltd. on 1st October, 2004, a company under the Companies Act, 1956 and a Scheduled Bank ( on 11th October, 2004 ) under the RBI Act, 1934.
  • Industrial Finance Corporation of India Ltd. ( IFCI ) : Industrial Finance Corporation of India Ltd. was established in 1948 under a special Act on the recommendations of Central Banking Enquiry Committee.
  • The basic aim of IFCI is to arrange medium and long term credit for various industrial enterprises of the country. Since 1st July, 1993 this corporation has been converted into a company and it has been given the status of a Ltd. company with the name Industrial Finance Corporation of India Ltd.
  • Industrial Investment Bank of India Ltd. ( IIBIL ) ( Formerly known as IRBI ) : IRBI was established on 20th March, 1985 under Indian Industrial Reconstruction Bank Act, 1984 as a result of reconstituting Indian Industrial Reconstruction Corporation Ltd.
  • The basic aim of establishing IRBI was to revive sick and closed industrial units and to act as a prime loan and reconstruction agency. IRBI grants loans and advances to industrial institutions. It accepts stocks, shares, bonds and debentures and also provides guarantee on deferred payments.
  • Unit Trust of India ( UTI ) : The Unit Trust of India ( Transfer of Undertaking and Repeal ) Act, 2002 enacted in Dec 2002 provides, inter – alia, that erstwhile Units Trust of India shall be bifurcated, and the “specified undertaking”, viz., UTI – I, comprising of US – 64, Assured Return Schemes and Development Reserve Fund ( appearing in the Schedule – I to the Act ) will be transferred and vest in a government appointed Administrator, and the ‘undertaking’, viz, UTI – II, comprising of Net Asset Value ( NAV ) based schemes ( appearing in the Schedule – II to the Act ), will vest in a specified company from an Appointed Day, which is 1st February, 2003.
  • UTI – I has been named as “Administrator of the Specified Undertaking of the Units Trust of India”.
  • For the UTI – II, the State Bank of India, Punjab National Bank, Bank of Baroda and the Life Insurance Corporation of India have set up a mutual fund, named, UTI Mutual Fund, UTI Trustee Company and the UTI Asset Management Company as per SEBI ( Mutual Fund ) Regulations.
  • UTI Trustee Company has been notified as the specified company. Employees have been transferred to the UTI Asset Management Company keeping in view practice in the mutual fund industry.
  • National Housing Bank ( NHB ) : National Housing Bank was established in July 1988 as wholly owned subsidiary of RBI. NHB is the apex banking institution providing finances for houses.
  • A major” activity of NHB includes extending financial assistance to eligible institutions in the housing sector by way of refinance and direct finance.
  • Non – Banking Financial Companies ( NBFCs ) : Non – Banking Financial entities comprise NBFCs, mutual benefit financial companies ( Nidhi Companies ) and mutual benefit companies ( potential nidhi companies ). Department of Company Affairs regulates the mutual benefit financial companies and mutual benefit companies leaving the regulation of NBFCs with the RBI.

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