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IFCI, previously Industrial Finance Corporation of India, is an Indian government owned development bank to cater to the long-term finance needs the industrial sector. It was the first development finance institution established by the Indian government after independence.
Until the establishment of ICICI in 1991, IFCI remained solely responsible for implementation of the government's industrial policy initiatives.
In 1 July 1993 it was reconstituted as a company to impart higher degree of operational flexibility. Because their was NPA are increase and going lose then gov get private. IFCI was allowed to access the capital markets directly.