Question
Download Solution PDFArrange the following Development Financial Institutions (DFI) in the correct chronological order, according to the year they were set up.
(i) Industrial Credit and Investment Corporation of India (ICICI)
(ii) Industrial Development Bank of India (IDBI)
(iii) Industrial Finance Corporation of India (IFCI)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is (iii) - (i) - (ii).Key Points
- Industrial Finance Corporation of India (IFCI) was set up in 1948, making it the oldest DFI.
- Industrial Credit and Investment Corporation of India (ICICI) was set up in 1955, making it the second oldest DFI.
- Industrial Development Bank of India (IDBI) was set up in 1964, making it the youngest DFI among the three.
- Therefore, the correct chronological order is (iii) - (i) - (ii).
Additional Information
- Development Financial Institutions (DFIs) are specialized financial institutions that provide long-term finance to industries and infrastructure projects.
- ICICI was converted into a commercial bank in 1994 and is now known as ICICI Bank.
- IDBI was converted into a commercial bank in 2019 and is now known as IDBI Bank.
- Option 1: (i) - (iii) - (ii) - This option is incorrect as IFCI was set up before ICICI.
- Option 3: (ii) - (i) - (iii) - This option is incorrect as IDBI was set up after ICICI.
- Option 4: (i) - (ii) - (iii) - This option is incorrect as IDBI was set up after ICICI.
Last updated on Jul 9, 2025
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