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SSC CGL 2022 PYQ — Question 39

SSC CGL - 19 April 2022 - Shift 1 • General Awareness • Q39

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Which of the following was the first development bank in India?

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Correct answer: C

Explanation

The correct answer is option 3 i.e. Industrial Finance Corporation of India.

  • IFCI Ltd (IFCI) was set up as a Statutory Corporation (“The Industrial Finance Corporation of India”) in 1948 for providing medium and long term finance to industry.

  • In 1993, after repeal of the Industrial Finance Corporation Act, IFCI became a Public Limited Company, registered under the Companies Act, 1956.

  • IFCI is also registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Deposit taking Non-Banking Finance Company (NBFC-ND-SI) and is also a notified Public Financial Institution under Section 2(72) of the Companies Act, 2013.