Financial Institutions in India

Now days, there are so many Financial Institutions in India that are providing financial support to many sectors of Indian Economy. Financial institutions in India mainly constitutes Reserve Bank of India, credit rating agencies, insurance companies, commercial banks, securities and exchange board of India  and specialized financial institutions that offers different rates and policies to facilitate the financial gap.

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We have also provided List of Major Indian Financial Institutions with their establishment year (प्रमुख भारतीय वित्तीय संस्थाएँ स्थापना) in the beneath section as it will provide you a deep knowledge about development of various financial institutions.

List of Financial Institutions in India

Establishment Years of Major Financial Institutions in India

 Get Here: List of National Symbols of India

All India Financial Institutions

Four All-India Financial Institutions are regulated by Reserve Bank of India:

1) Export-Import Bank of India (EXIM Bank): This bank is popularly known as EXIM BANK, and was established in 1982. Previously it was known as the branch of IDBI but due to the growth of this financial institution in foreign and international trade sector, it becomes an independent body. The main function of this bank is to provide financial support to the importers and exporters of country.

2) Small Industries Development Bank of India (SIDBI): This financial institution was set up on 2nd April, 1990 for promoting and financing the Micro, Small and Medium enterprises. The mission of SIDBI is to provide strength in credit flow and facilitate the financial gaps of MSMEs. The operation of SIDBI is done under the Department of Financial Services that is wholly owned by the Government of India.

Read Here: MSME Full Form in Hindi

3) National Housing Bank (NHB): On 9 July 1988, the establishment of National Housing Bank as an apex financial institution was done. The objective of this financial institution is to promote financial services related to housing at both local and regional levels. This bank is owned by Government of India and is focusing more on low and moderate income groups to provide housing facilities to them.

4) National Bank for Agriculture and Rural Development (NABARD): NABARD was set up by the Government of India on 12th July, 1982 on the recommendations of B.Sivaramman Committee. The main focus of establishment of this financial institution is to boost the financial activities in rural sectors. The bank looks on the development of the cottage industry, small scale and village industry, and other rural industries.

Other Financial Institutions:

1) India Infrastructure Finance Company Ltd (IIFCL): This Company was set up in 2006 for providing financial assistance to the infrastructure sector. There are various subsidiaries of IIFCL such as IIFC (UK), IIFCL Projects Ltd (IPL), IIFCL Asset Management Company Ltd. (IAMCL) etc The source of funding of IIFCL is both from domestic as well as global markets.

Know Here: IRDA Full Form

2) Industrial Finance Corporation of India (IFCI): It was established in 1948 and is a Non Banking Finance Company. The corporation focuses on providing long-term financial services to manufacturing and industrial sector. Before granting any loan, IFCI looks up into some factors such as the project cost, product quality, company’s management etc

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