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financial system

financial system

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Published by SUMEET KHURANA
need and importance of financial system of the country special ref. to india
need and importance of financial system of the country special ref. to india

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Published by: SUMEET KHURANA on Jun 29, 2010
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09/20/2010

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MBA III SEM: MAJ FINANCE
 
SUMEET
1
DEVELOPMENTAL FINANCIAL SYSTEM 
Financial Institutions play an important role in the Indian financial system.Financial Institutions (Fls) provide project finance to the needy corporate and governmentinstitutions, thereby performing an important role in the infrastructural development in the country.
 
 There are various kinds of financial institutions performing their role in financial intermediation andinfrastructural development, differing on the basis of their inception and operations. The existing financial institutions may be classified as
 A
ll India institutions like Industrial Development Bank of India (lDBI) etc.Regional/State level institutions like the Gujarat State Financial CorporationOther Institu1ions like DICGC etc. The financial institutions in India can be classified as follows:
 
MBA III SEM: MAJ FINANCE
 
SUMEET
2
Industrial Finance Corporation of India
 A
t the time of Indian independence there was the lack of adequate industrial financing, especially tomeet the medium to long term requirements of the industries. In such a set up, it became necessary to develop an institutional structure for meeting the large fund requirements of the industry. The first step in this direction was the incorporation of the Institute of Finance Corporation underthe Institute of Finance Corporation
 A
ct, 1948 (IFC
 A
ct). lFCI was converted into a public limitedcompany and was registered under the Companies
 A
ct in July, 1993. It also came up with its publicissue. The IFCI was set up under an
 A
ct of Parliament in 1948, with the share capital subscribed by Government of India (GOl), RBI, Scheduled Commercial Banks, Insurance Companies, Investment Trusts and Cooperative Banks. IDBI holds 30% of IFls equity. The management of IFCI is vested in its BODs, comprising professionals drawn from diverse fieldslike banking, finance, economics, insurance, etc.IFCI is headquartered in New Delhi and has 17 regional offices.
Product profile of IFCI
 The main functions of IFCI are to provide various kinds of financial services to the industries.Primarily, its services focus on project finance as it provides assistance to all viable industrial projectsabove Rs.50m.IFCI provides assistance to industrial concerns for their new projects, expansion, diversification andmodernization schemes.Loans are generally extended for a period of 5-7 years with a moratorium of 2-3 years.Loans are extended both in rupee and foreign currency for import of capital equipment.

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