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Industrial Finance Corporation of India(IFCI) was the first industrial financing institution set up to provide medium and long-term financial assistance to large-scale industrial undertakings. When was it established?
  • a)
    June 21, 1947
  • b)
    July 1, 1948
  • c)
    July 21, 1950
  • d)
    October 1, 1956
  • e)
    August 1, 1960
Correct answer is option 'B'. Can you explain this answer?
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Industrial Finance Corporation of India(IFCI) was the first industrial...
IFCI was India's first industrial financing institution, founded shortly after independence. The Industrial Finance Corporation of India Act 1948 established it as a statutory corporation in July 1948. It has now been converted into a joint-stock company under the Companies Act of 1956, with effect from July 1, 1993.
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Directions: Read the following passage carefully and answer the questions given below.History of Industry in India dates back to the history of mankind. India’s handicrafts manufactured in village huts and houses all over the country were prized in foreign countries. Working on the locally available raw materials and with the skills and tools handed over to them by their forefathers, the village artisans produced products of high aesthetic quality with ease and efficiency. Generations of such workers provided India with a long and glorious tradition of artistic handicrafts of a varied nature. Among all the industries of early times, the textiles, especially the cotton textile industry, had the place of pride both in India and in the outside world. There is enough evidence to show that the Indians knew weaving some 1,500 years before Christ, when the Europeans were still covering themselves with animal skins. Pyrard, the 17th century Portuguese writer has recorded that everyone from the Cape of Good Hope to China was clothed from head to foot in Indian made garments. The fine Dhaka muslin was the envy of the world for centuries together. Iron and Steel industry was also in advanced stage at that time. The iron column near Qutab Minar in Delhi is standing in the open and is exposed to sun, rain and weathering over 1,500 years old and it still looks fresh. It seems that this column will continue to stand there till eternity. This rare monument is a testimony to the forging and fabricating ingenuity of ancient India. It is believed that the famous Damascus swords were made from steel imported from India. In addition to cotton textiles and steel industries; wood, stone and ivory carvings, silk textiles, pottery, bronze, brass, silver and copper works, dyeing and calico printing were also famous throughout the world. Industrial Revolution in Europe resulted in modern factories. With this the scale of manufacturing goods increased tremendously leading to mechanisation. As a result migration of workers occurred from villages to cities. The barter system of goods with goods came to an end, exchange of goods with money started. It is correct that a revolution occurred in the manufacturing sphere but the traditional village handicrafts and cottage industries witnessed their death toll. Thousands of artisans were rendered jobless as their manufacturers could not compete with the fine and low cost goods manufactured in modern industries. A near chaos prevailed in villages. Goldsmiths, blacksmiths and weavers began to starve. Thus, modern industry eroded the strong traditional industrial base.The decline of the traditional industry and the rise of the modern industry in India were neither simultaneous nor casually connected. The beginning of modern large scale industry in India dates back to 1830 when the first charcoal fired iron making was attempted in Tamil Nadu. However, this venture collapsed in 1866. Therefore, the real beginning of the modern industry in India is recognised with the establishment of cotton textile industry at Mumbai in 1854. This industry grew tremendously in 1870s due to a spurt in demand in the wake of the American Civil War. By 1875-76, the number of cotton textile mills rose to 47. The first jute mill was set up at Rishra near Kolkata in 1855. Since the geographical conditions were very much favourable for jute industry in the Hugli basin, this industry flourished well and there were 64 mills in 1913-14, providing employment to over two lakh persons. Among the other industries which appeared on the industrial scene of India before the outbreak of World War I in 1914 were woollen textiles, paper and breweries. The main industrial centres were port cities of Mumbai, Kolkata and Chennai. This pattern of industrial location was conceived by the British rulers to facilitate imports and exports. The sole inland industrial centre of any consequence was Kanpur, the base of military equipment production. Indian industries made rapid strides during the First World War (1914-18) due to rise in demand for industrial goods by the Armed Forces. However, the real spurt was provided by the Indian Fiscal Commission set up in 1921-22. This gave the much needed protection to industries like iron and steel, textiles, cement, sugar, paper and metals. One of the most prominent features of Indian industrial scene during this period was the dispersal of cotton textile industry away from Mumbai. In 1875-76, 61.7 per cent of cotton textile mills were located in Mumbai and by 1938-39 only 17.5% per cent of the mills remained in Mumbai. In fact this industry gained a lot as a result of war. On the eve of the war, India had emerged as the fourth largest cotton manufacturing country next to the USA, the U.K. and Japan in that order. Jute industry on the other hand, continued to concentrate in the Hugli basin only. However, the number of jute mills rose from 64 in 1913-14 to 107 in 1938-39.While Indian industry prospered during World War I, the Second World War created problems for Indian industry. India became an active participant in war and the entry of Japan in the hostilities brought war to India’s doorstep. However, the impact of war was short-lived and the industry was quick to recover from the initial shock and exploited the opportunities offered by the war.A programme costing Rs. 4 crore for the manufacture of armaments and explosives was launched in 1941 to meet the immediate requirements of war. The ordinance factories started producing 700 varieties of ammunition. There were pressing demands to meet the civilian requirements too. With this object in view, heavy chemical industry was started in 1941 and the production of sulphuric acid, synthetic ammonia, caustic soda, chlorine and bleaching powder commenced. The Hindustan Aircraft Company also assembled its first aircraft in 1941. Metal fabricating industries such as copper were also initiated. A wide variety of engineering industries like machine tools, machinery manufacture in respect of cotton, tea, and oil processing industries, electrical equipment, vanaspati manufacturing, power, alcohol, synthetic resin and plastic industries also flourished. However, some other industries including diesel engines, pumps, sewing machines and electric fans suffered a setback. By and large, the performance of individual industries varied considerably.Q. Which of the following events is considered as the beginning of modern industries in India?

Directions: Read the following passage carefully and answer the questions given below.History of Industry in India dates back to the history of mankind. India’s handicrafts manufactured in village huts and houses all over the country were prized in foreign countries. Working on the locally available raw materials and with the skills and tools handed over to them by their forefathers, the village artisans produced products of high aesthetic quality with ease and efficiency. Generations of such workers provided India with a long and glorious tradition of artistic handicrafts of a varied nature. Among all the industries of early times, the textiles, especially the cotton textile industry, had the place of pride both in India and in the outside world. There is enough evidence to show that the Indians knew weaving some 1,500 years before Christ, when the Europeans were still covering themselves with animal skins. Pyrard, the 17th century Portuguese writer has recorded that everyone from the Cape of Good Hope to China was clothed from head to foot in Indian made garments. The fine Dhaka muslin was the envy of the world for centuries together. Iron and Steel industry was also in advanced stage at that time. The iron column near Qutab Minar in Delhi is standing in the open and is exposed to sun, rain and weathering over 1,500 years old and it still looks fresh. It seems that this column will continue to stand there till eternity. This rare monument is a testimony to the forging and fabricating ingenuity of ancient India. It is believed that the famous Damascus swords were made from steel imported from India. In addition to cotton textiles and steel industries; wood, stone and ivory carvings, silk textiles, pottery, bronze, brass, silver and copper works, dyeing and calico printing were also famous throughout the world. Industrial Revolution in Europe resulted in modern factories. With this the scale of manufacturing goods increased tremendously leading to mechanisation. As a result migration of workers occurred from villages to cities. The barter system of goods with goods came to an end, exchange of goods with money started. It is correct that a revolution occurred in the manufacturing sphere but the traditional village handicrafts and cottage industries witnessed their death toll. Thousands of artisans were rendered jobless as their manufacturers could not compete with the fine and low cost goods manufactured in modern industries. A near chaos prevailed in villages. Goldsmiths, blacksmiths and weavers began to starve. Thus, modern industry eroded the strong traditional industrial base.The decline of the traditional industry and the rise of the modern industry in India were neither simultaneous nor casually connected. The beginning of modern large scale industry in India dates back to 1830 when the first charcoal fired iron making was attempted in Tamil Nadu. However, this venture collapsed in 1866. Therefore, the real beginning of the modern industry in India is recognised with the establishment of cotton textile industry at Mumbai in 1854. This industry grew tremendously in 1870s due to a spurt in demand in the wake of the American Civil War. By 1875-76, the number of cotton textile mills rose to 47. The first jute mill was set up at Rishra near Kolkata in 1855. Since the geographical conditions were very much favourable for jute industry in the Hugli basin, this industry flourished well and there were 64 mills in 1913-14, providing employment to over two lakh persons. Among the other industries which appeared on the industrial scene of India before the outbreak of World War I in 1914 were woollen textiles, paper and breweries. The main industrial centres were port cities of Mumbai, Kolkata and Chennai. This pattern of industrial location was conceived by the British rulers to facilitate imports and exports. The sole inland industrial centre of any consequence was Kanpur, the base of military equipment production. Indian industries made rapid strides during the First World War (1914-18) due to rise in demand for industrial goods by the Armed Forces. However, the real spurt was provided by the Indian Fiscal Commission set up in 1921-22. This gave the much needed protection to industries like iron and steel, textiles, cement, sugar, paper and metals. One of the most prominent features of Indian industrial scene during this period was the dispersal of cotton textile industry away from Mumbai. In 1875-76, 61.7 per cent of cotton textile mills were located in Mumbai and by 1938-39 only 17.5% per cent of the mills remained in Mumbai. In fact this industry gained a lot as a result of war. On the eve of the war, India had emerged as the fourth largest cotton manufacturing country next to the USA, the U.K. and Japan in that order. Jute industry on the other hand, continued to concentrate in the Hugli basin only. However, the number of jute mills rose from 64 in 1913-14 to 107 in 1938-39.While Indian industry prospered during World War I, the Second World War created problems for Indian industry. India became an active participant in war and the entry of Japan in the hostilities brought war to India’s doorstep. However, the impact of war was short-lived and the industry was quick to recover from the initial shock and exploited the opportunities offered by the war.A programme costing Rs. 4 crore for the manufacture of armaments and explosives was launched in 1941 to meet the immediate requirements of war. The ordinance factories started producing 700 varieties of ammunition. There were pressing demands to meet the civilian requirements too. With this object in view, heavy chemical industry was started in 1941 and the production of sulphuric acid, synthetic ammonia, caustic soda, chlorine and bleaching powder commenced. The Hindustan Aircraft Company also assembled its first aircraft in 1941. Metal fabricating industries such as copper were also initiated. A wide variety of engineering industries like machine tools, machinery manufacture in respect of cotton, tea, and oil processing industries, electrical equipment, vanaspati manufacturing, power, alcohol, synthetic resin and plastic industries also flourished. However, some other industries including diesel engines, pumps, sewing machines and electric fans suffered a setback. By and large, the performance of individual industries varied considerably.Q. What is the significance of Kanpur in the beginning of modern industry in India?

Direction: Non-Banking Financial Companies (NBFCs) are financial institutions that provide banking services without holding a banking license. They operate in various segments such as consumer finance, vehicle finance, housing finance, and microfinance, among others. Banks provide finance to NBFCs in the form of term loans, working capital loans, and credit lines. The finance is typically used by NBFCs to fund their lending activities, purchase assets, and other operational expenses. Banks also provide credit enhancement facilities such as guarantees and letters of credit to support NBFCs in raising funds from the market. The Reserve Bank of India (RBI) regulates the lending activities of banks to NBFCs. The RBI has mandated that banks should classify their lending to NBFCs as per their risk assessment and ensure that the exposure to individual NBFCs does not exceed the prescribed limits.Q. Which of the following institutions is not included in the definition of NBFC?

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Industrial Finance Corporation of India(IFCI) was the first industrial financing institution set up to provide medium and long-term financial assistance to large-scale industrial undertakings. When was it established?a)June 21, 1947b)July 1, 1948c)July 21, 1950d)October 1, 1956e)August 1, 1960Correct answer is option 'B'. Can you explain this answer?
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Industrial Finance Corporation of India(IFCI) was the first industrial financing institution set up to provide medium and long-term financial assistance to large-scale industrial undertakings. When was it established?a)June 21, 1947b)July 1, 1948c)July 21, 1950d)October 1, 1956e)August 1, 1960Correct answer is option 'B'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Industrial Finance Corporation of India(IFCI) was the first industrial financing institution set up to provide medium and long-term financial assistance to large-scale industrial undertakings. When was it established?a)June 21, 1947b)July 1, 1948c)July 21, 1950d)October 1, 1956e)August 1, 1960Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Industrial Finance Corporation of India(IFCI) was the first industrial financing institution set up to provide medium and long-term financial assistance to large-scale industrial undertakings. When was it established?a)June 21, 1947b)July 1, 1948c)July 21, 1950d)October 1, 1956e)August 1, 1960Correct answer is option 'B'. Can you explain this answer?.
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