Question

IFCI was established in which year?

• A. 1939
• B. 1948
• C. 1950
• D. 1956

Hint:

Remembering the establishment years of key financial institutions is important. IFCI (1948) was the first DFI post-independence, followed by others like ICICI (1955) and IDBI (1964).

Answer 1

The Correct Option is B

Step 1: Understanding the Question:
The question asks for the year of establishment of IFCI.
Step 2: Key Concept:
IFCI, originally known as the Industrial Finance Corporation of India, was the first Development Financial Institution (DFI) established in India after independence. Its purpose was to provide medium and long-term finance to industrial sectors.
Step 3: Detailed Explanation:
The Industrial Finance Corporation of India (IFCI) was established on July 1, 1948, by an Act of Parliament. The primary objective was to cater to the long-term financial needs of the industrial sector and to promote industrial development in the newly independent country.
Step 4: Final Answer
IFCI was established in the year 1948.