The specialised financial institutions in context to long term source of Investment are:
1. Industrial Credit and Investment Corporation of India:
This corporation was established as a joint-stock company in the private sector in 1955. Its main objective is to provide long term loans up to a period of 15 years, to subscribe to the new issue of shares, generally by underwriting them. Sole proprietorship concerns, partnership firms are also entitled to take loans from ICICI.
2. State Finance Corporation –
To provide financial assistance to various types of industrial concerns (Sole Trading, Partnership and Co-Operative Sector), the state finance corporations were established. To meet the financial needs of small and medium enterprises and rapid industrial development, this act was issued.
3. State Industrial Development Corporation –
These corporations were set – up in different states as wholly-owned companies for promoting industrial development in their respective states. They are established with an objective of promotion, expansion and revival of medium and large scale industries. These corporations also help in implementing different promotional schemes of central and state governments for industrial development in the state.
4. Life Insurance Corporation of India –
LIC was established in 1956 after the nationalisation of insurance companies. The main objective for establishing it was to promote insurance business as well as to channelise investment in different public enterprises according to national interest and objectives.
5. Export-Import Bank of India –
This bank was established in January 1982 by taking over the functions of the International cell of IDBI. This is working as an apex bank in the field of foreign exchange financing.
