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.
General Knowledge
Indian Economy
Difficulty: Easy
Choose an option
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AA development finance institution (DFI) that later promoted a commercial bank
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BA primary agricultural credit society (co-operative)
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CA mutual fund trust under SEBI only
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DA central banking body setting monetary policy
Answer
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.