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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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