Which financial institutions are regarded as Public Financial Institution?


0

According to section 4A of the companies Act, 1956 the following institutions will be regarded as Public Financial Institutions :-

Advertisement
  1. The Industrial Development Bank Of India.
  2. The Industrial Credit And Investment Corporation Of India
  3. The Life Insurance Corporation Of India.
  4. The Unit Trust Of India
  5. The Industrial Finance Corporation Of India.
  6. The Infrastructure Development Finance Company Ltd.
  7. The Reconstruction Company Or The Securitization Company that has been recognised under the securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

According to section 4A(2) the Central Government has the power to add or increase to the institution list, the addition can be done only when the notification or it is given in the official gazette. The  institution will be added to existing list on when they fulfill the following two conditions:

(a)     It must have been established or constituted by or under any Central Act, or

(b)     Not less than 51% of the paid up share capital of such an institution is held or controlled by the Central Government. Till now Central Government has specified 39 institutions to be public financial institutions. Some of them are :-

  1. The Oriental Fire And General Insurance Company Limited
  2. The National Insurance Company Ltd
  3. Export Import Bank Of India.
  4. The Shipping And Credit And Investment Company Of India Ltd.
  5. National Housing Bank
  6. Small Industrial Development Bank Of India.
  7. NABARD etc.

 

Advertisement
The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

Like it? Share with your friends!

0
BMS Team

We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

0 Comments

Ask Us On WhatsApp
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format