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Identify ICICI by type: What kind of financial institution is/was ICICI? Full question: ICICI stands for Industrial Credit and Investment Corporation of India. What type of institution is this in India's financial system? Choose the correct option.

Difficulty: Easy

Correct Answer: A development finance institution (DFI) that later promoted a commercial bank

Explanation:


Given data

  • Acronym expansion: Industrial Credit and Investment Corporation of India (ICICI).


Concept / Approach
ICICI was established as a development finance institution to provide medium/long-term project finance. In the late 1990s–2000s, ICICI Ltd. merged with/into ICICI Bank, which is now a universal commercial bank.


Final Answer
A development finance institution (DFI) that later promoted a commercial bank.

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