IFCI (Industrial Finance Corporation of India) is the first most developmental financial institution set up by the Government of India on July 1, 1948. IFCI is a Non-Banking Financial Company in the public sector. IFCI:The main aim of IFCI was to provide long-term finance to the manufacturing and industrial sector of the country. The main objective of IFCI is to provide medium and long-term financial assistance to large-scale industrial undertakings, particularly in those circumstances in which banking accommodation is inappropriate or a resource to the capital market is impracticable i. e. finance could not be raised by the concerned issue of shares. Therefore, to provide medium and long-term financial assistance to industrial undertakings, particularly in those circumstances in which banking accommodation is inappropriate or a resource to the capital market is impracticable is the main objective of IFCI. Functions of IFCI:The corporation grants loans and advances to industrial concerns. The granting of loans must be both in rupees and foreign currencies. The corporation underwrites the issue of stocks, bonds, shares, etc. The corporation can grant loans only to public limited companies and co-operatives but not to private limited companies or partnership firms.