- IFCI (Industrial Finance Corporation of India):
- Type: Development Financial Institution (DFI)
- Role: IFCI was established in 1948 with the objective of providing long-term finance and promoting industrial development in India. It offers financial assistance, advisory services, and promotes industrial projects.
- ICICI (Industrial Credit and Investment Corporation of India):
- Type: Universal Bank (Now ICICI Bank Limited)
- Role: ICICI was established in 1955 as a joint-venture between the Government of India and the World Bank. It was initially set up as a development finance institution and later transformed into a full-service commercial bank. ICICI Bank provides a wide range of financial services including retail and corporate banking, investment banking, and asset management.
- IDBI (Industrial Development Bank of India):
- Type: Development Financial Institution (DFI)
- Role: IDBI was established in 1964 and played a pivotal role in providing financial support for industrial projects. It focused on long-term financing, refinancing, and other developmental activities. In 2004, it became a scheduled bank and operates as IDBI Bank Limited.
- SIDBI (Small Industries Development Bank of India):
- Type: Development Financial Institution (DFI)
- Role: SIDBI was established in 1990 to cater to the specific financial needs of small-scale industries in India. It provides various financial and non-financial services including loans, credit facilities, and technical assistance to MSMEs (Micro, Small, and Medium Enterprises).
- NABARD (National Bank for Agriculture and Rural Development):
- Type: Development Financial Institution (DFI)
- Role: NABARD was established in 1982 to promote rural development and agriculture in India. It provides credit and financial support to various agricultural and rural development activities, including farmers, rural artisans, and agribusinesses.
- EXIM Bank (Export-Import Bank of India):
- Type: Export Finance Institution (EFI)
- Role: EXIM Bank was established in 1982 to facilitate international trade and promote Indian exports. It provides financial assistance, export credit, and trade-related advisory services to exporters and importers.
- RBI (Reserve Bank of India):
- Type: Central Bank
- Role: RBI is the central banking institution of India, responsible for regulating and supervising the country’s monetary and financial system. It issues currency, formulates monetary policies, and acts as the banker to the Government of India.
- HDFC (Housing Development Finance Corporation):
- Type: Housing Finance Company (Now HDFC Limited)
- Role: HDFC was established in 1977 to provide housing finance services in India. It offers a range of products including home loans, insurance, and other financial services related to housing.
- LIC (Life Insurance Corporation of India):
- Type: Insurance Corporation
- Role: LIC is the largest life insurance company in India. It offers a variety of life insurance products and services to individuals and businesses.
- GIC (General Insurance Corporation of India):
- Type: Reinsurance Company (Now GIC Re)
- Role: GIC was the sole reinsurance company in India, providing reinsurance services to direct insurance companies. It played a crucial role in the insurance industry.
These financial institutions have played significant roles in the economic development of India, whether by providing financial support to industries, promoting rural development, facilitating exports, or offering various financial services to the public. Please note that some of the institutions mentioned have evolved or changed their roles over time.