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234 Financial Management<br />

Subsidies of Industrial Credit and Investment Corporation of India<br />

Industrial Credit and Investment Corporation of India is one of the leading and wide range<br />

of <strong>financial</strong> service providers in India. The following are the subsidies of the Industrial<br />

Credit and Investment Corporation of India.<br />

• ICICI Banking Corporation Ltd.<br />

• ICICI Securities and Finance Company Ltd.<br />

• ICICI Assets Management Company Ltd.<br />

• ICICI Trust Ltd.<br />

• ICICI Brokerage Service Ltd.<br />

• ICICI Credit Corporation Ltd.<br />

Working Result<br />

Industrial Credit and Investment Corporation of India provided <strong>financial</strong> assistance to<br />

industrial concerns has increased form 145.8 corer in 1961–62 to Rs. 34,220 crore in<br />

1998–99 of the total loan sanctioned in 1998–99, 33% went to corporate finance, 29% to<br />

infrastructure, 19.5 each to oil gas and petrochemicals industries.<br />

INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI)<br />

Origin<br />

The Industrial Development Bank of India was set up as a wholly owned subsidiary of the<br />

RBI on July 1st 1964 under an act of parliament. In February 1976, it became an independent<br />

and autonomous bank.<br />

Capital<br />

Industrial Development Bank of India was started with initial paid up capital of Rs. 100<br />

crores and now it can raise further capital with the help of issue of shares, debentures and<br />

accept deposits from public.<br />

Objectives<br />

The main objectives of the Industrial Development Bank of India are as follows:<br />

• To provide credit, team finance, and <strong>financial</strong> services for the establishment of<br />

new projects.<br />

• To expansion, diversification modernization and technology upgradation of existing<br />

Industrial concern.<br />

• To provide several diversified <strong>financial</strong> products.<br />

• To undertake merchant banking activities.<br />

Functions<br />

The functions of Industrial Development Bank of India are as follows:

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