Question
Name any three special financial institutions and state their objectives.

Answer

Financial institutions and their objectives:
  • Industrial Finance Corporation of India (IFCI): Its objectives include assistance towards balanced regional development and encouraging new entrepreneurs to enter into the priority sectors of the economy.
IFCI has also contributed to the development of management education in the country.
  • Unit Trust of India (UTI): The basic objective of UTI is to mobilise the community’s savings and channelise them into productive ventures.
Therefore, it sanctions direct assistance to industrial concerns, invests in their shares and debentures, and participates with other financial institutions.
  • Industrial Credit and Investment Corporation of India (ICICI): It assists the creation, expansion and modernisation of industrial enterprises exclusively in the private sector.
The corporation has also encouraged the participation of foreign capital in the country.

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