SarkariPYQ

SSC CHSL 2019 PYQ — Question 40

SSC CHSL - 3rd July 2019 - Shift 1 • General Awareness • Q40

Back to paper

In which year was the State Financial Corporation Act passed? 

Show answer & explanation

Correct answer: A

Explanation

The correct answer is option 1 i.e. 1951.

  • State Financial Corporation Act was passed by The Parliament on September 28, 1951, empowering the state governments to establish financial corporations for their respective regions.
  • State Financial Corporations (SFCs) are the State level financial institutions that play a vital role in the growth of small & medium enterprises in the concerned States.
  • They offer financial assistance in the form of direct subscription to debentures/equity, term loans, guarantees, discounting of bills of exchange & seed/ special capital, etc.