In order to meet the financial needs of small and medium scale industrial units which are not governed by Industrial Finance Corporation, the Government of India passed State Finance Corporation Act in 1951, empowering the State Governments to start financial corporations. The First State Financial Corporation was set up in Punjab in the year 1953. At present there are 18 SFCs operating in the country.
Functions of SFCs
Following are the various functions of SFSs
List of SFCs in India
Critical Review
The functioning of State Finance Corporations has been criticized mainly because of the following drawbacks.
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