{"id":109723,"date":"2026-06-12T21:32:42","date_gmt":"2026-06-12T16:02:42","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=109723"},"modified":"2026-06-12T21:32:48","modified_gmt":"2026-06-12T16:02:48","slug":"development-banks-in-india","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/","title":{"rendered":"Development Banks in India, Its Meaning, Types, Function &#038; Objectives"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#What_are_Development_Banks\" >What are Development Banks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#Attempt_Quiz_on_Development_Banks_of_India\" >Attempt Quiz on Development Banks of India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#Sign_Up\" >Sign Up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#Login\" >Login<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#Forgot_Password\" >Forgot Password<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#i\" >&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#What_are_the_functions_of_Development_Banks_in_India\" >What are the functions of Development Banks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#What_are_the_objectives_of_Development_Banks_in_India\" >What are the objectives of Development Banks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#What_are_the_Types_of_Development_Banks_in_India\" >What are the Types of Development Banks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.oliveboard.in\/blog\/development-banks-in-india\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Development banks play a very important role in the growth of a country. They provide long-term financial support for large projects like roads, power plants, irrigation systems, industries, and housing. Unlike regular commercial banks, they focus more on development goals rather than daily banking services. These banks help in building a strong economy by supporting sectors that need heavy investment and long repayment time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-development-banks\"><span class=\"ez-toc-section\" id=\"What_are_Development_Banks\"><\/span>What are Development Banks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Development banks are special financial institutions that provide long-term funds for projects that support economic and social development. They mainly support sectors like agriculture, industry, infrastructure, and housing. Their goal is not only profit but also national growth and development.<\/p>\n\n\n\n<p>These banks offer loans at stable and often lower interest rates to encourage investment in important sectors. They are also known as Development Finance Institutions (DFIs). In India, they have played a key role in building industries and improving infrastructure.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Act as gap-filling institutions in the financial system<\/li>\n\n\n\n<li>Provide long-term finance for development projects<\/li>\n\n\n\n<li>Support industrial and infrastructure growth<\/li>\n\n\n\n<li>Focus on public welfare along with financial support<\/li>\n\n\n\n<li>Do not mainly depend on public deposits<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b-mock-test\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt a Free RBI Grade b mock Test<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-attempt-quiz-on-development-banks-of-india\"><span class=\"ez-toc-section\" id=\"Attempt_Quiz_on_Development_Banks_of_India\"><\/span>Attempt Quiz on Development Banks of India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Development Banks of India play a key role in strengthening the country\u2019s economic growth by providing long-term financial support to industries, infrastructure, housing, and trade. To help you revise this important topic in a simple and effective way, we have created a quick and focused quiz. Attempting this quiz will improve your understanding of key institutions like IFCI, IDBI, SIDBI, EXIM Bank, and others, while also boosting your preparation for competitive exams.<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"UTF-8\">\n<link rel=\"stylesheet\" href=\"https:\/\/courses.oliveboard.in\/edge\/css\/login-modal-for-blog.css\">\n\n<style>\n#quiz-1-sticky-header {\n  position: sticky;\n  top: 0;\n  z-index: 100;\n  background: #1565c0;\n  color: #fff;\n  padding: 12px 20px;\n  border-radius: 10px 10px 0 0;\n  display: flex;\n  justify-content: space-between;\n  align-items: center;\n  font-size: 16px;\n  font-weight: bold;\n  box-shadow: 0 2px 8px rgba(0,0,0,0.2);\n  margin: -20px -20px 20px -20px;\n}\n\n#quiz-1-score-badge {\n  background: rgba(255,255,255,0.2);\n  padding: 4px 12px;\n  border-radius: 20px;\n  font-size: 15px;\n  white-space: nowrap;\n}\n#quiz-1 * { box-sizing: border-box; }\n\n#quiz-1 .quiz-container {\n  max-width: 700px;\n  margin: auto;\n  padding: 20px;\n  background: #fff;\n  border-radius: 14px;\n  box-shadow: 0 6px 16px rgba(0,0,0,0.12);\n}\n\n#quiz-1 h2 {\n  text-align: center;\n}\n\n#quiz-1 .question {\n  margin-bottom: 22px;\n}\n\n#quiz-1 .question p {\n  font-weight: bold;\n}\n\n#quiz-1 button {\n  width: 100%;\n  padding: 12px;\n  margin: 6px 0;\n  border: none;\n  border-radius: 6px;\n  background: #e0e0e0;\n  color: #000;\n  font-size: 16px;\n  cursor: pointer;\n}\n\n#quiz-1 button:hover {\n  background: #d5d5d5;\n}\n\n#quiz-1 button.correct {\n  background: #4caf50;\n  color: #000;\n}\n\n#quiz-1 button.wrong {\n  background: #f44336;\n  color: #000;\n}\n\n#quiz-1 button.locked {\n  pointer-events: none;\n}\n\n\/* SUMMARY *\/\n#quiz-1 .final-summary {\n  margin-top: 40px;\n  padding: 20px;\n  border-radius: 14px;\n  background: #fafafa;\n  border: 2px solid #4caf50;\n}\n\n#quiz-1 .final-summary h3 {\n  text-align: center;\n  margin-bottom: 20px;\n}\n\n#quiz-1 .summary-row {\n  display: grid;\n  grid-template-columns: 120px 1fr 40px;\n  gap: 10px;\n  align-items: center;\n  margin-bottom: 12px;\n  font-weight: bold;\n}\n\n#quiz-1 .summary-bar {\n  height: 14px;\n  background: #ddd;\n  border-radius: 10px;\n  overflow: hidden;\n}\n\n#quiz-1 .bar-fill {\n  height: 100%;\n  width: 0%;\n}\n\n#quiz-1 .bar-attempted { background: #2196f3; }\n#quiz-1 .bar-correct { background: #4caf50; }\n#quiz-1 .bar-wrong { background: #f44336; }\n#quiz-1 .bar-unattempted { background: #9e9e9e; width: 100%; }\n\n#quiz-1 .final-score {\n  text-align: center;\n  font-size: 22px;\n  margin-top: 20px;\n}\n\n#quiz-1 .score-value {\n  font-size: 30px;\n  margin-left: 8px;\n}\n<\/style>\n<\/head>\n\n<body>\n<div id=\"quiz-1\">\n  <div class=\"quiz-container\">\n<div id=\"quiz-1-sticky-header\">\n  <span> Development Banks of India Practice Quiz <\/span>\n  <span id=\"quiz-1-score-badge\">Score: <strong id=\"quiz-1-score-value\">0.00<\/strong><\/span>\n<\/div>\n\n    <!-- QUESTIONS -->\n\n<div class=\"question\" data-answered=\"false\">\n  <p>1. What is the primary distinction between development banks and commercial banks?<\/p>\n  <button data-correct=\"false\">Commercial banks do not accept deposits from the public<\/button>\n  <button data-correct=\"false\">Development banks offer short-term loans only<\/button>\n  <button data-correct=\"true\">Development banks focus on long-term development goals rather than daily banking services<\/button>\n  <button data-correct=\"false\">Commercial banks exclusively fund government projects<\/button>\n<\/div>\n \n<!-- Q2: correct = B (option 2) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>2. Development banks are also referred to as which of the following?<\/p>\n  <button data-correct=\"false\">Apex Financial Regulators<\/button>\n  <button data-correct=\"true\">Development Finance Institutions (DFIs)<\/button>\n  <button data-correct=\"false\">Scheduled Commercial Banks<\/button>\n  <button data-correct=\"false\">Universal Banking Entities<\/button>\n<\/div>\n \n<!-- Q3: correct = A (option 1) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>3. Which of the following BEST describes the role of development banks in the financial system?<\/p>\n  <button data-correct=\"true\">They act as gap-filling institutions bridging deficiencies in existing financial facilities<\/button>\n  <button data-correct=\"false\">They compete directly with commercial banks for public deposits<\/button>\n  <button data-correct=\"false\">They only finance public sector enterprises<\/button>\n  <button data-correct=\"false\">They primarily issue equity shares to raise capital<\/button>\n<\/div>\n \n<!-- Q4: correct = D (option 4) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>4. The Industrial Finance Corporation of India (IFCI) was established by the Government of India in which year?<\/p>\n  <button data-correct=\"false\">1951<\/button>\n  <button data-correct=\"false\">1955<\/button>\n  <button data-correct=\"false\">1964<\/button>\n  <button data-correct=\"true\">1948<\/button>\n<\/div>\n \n<!-- Q5: correct = C (option 3) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>5. State Finance Corporations (SFCs) were created primarily to address the financial needs of which segment?<\/p>\n  <button data-correct=\"false\">Large public limited corporations<\/button>\n  <button data-correct=\"false\">Multinational companies operating in India<\/button>\n  <button data-correct=\"true\">Small and medium-sized businesses not covered by IFCI<\/button>\n  <button data-correct=\"false\">Non-banking financial companies (NBFCs)<\/button>\n<\/div>\n \n<!-- Q6: correct = B (option 2) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>6. In which state was the first State Finance Corporation established in 1953?<\/p>\n  <button data-correct=\"false\">Maharashtra<\/button>\n  <button data-correct=\"true\">Punjab<\/button>\n  <button data-correct=\"false\">Uttar Pradesh<\/button>\n  <button data-correct=\"false\">West Bengal<\/button>\n<\/div>\n \n<!-- Q7: correct = C (option 3) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>7. The Industrial Development Bank of India (IDBI) was initially established as a subsidiary of which institution?<\/p>\n  <button data-correct=\"false\">State Bank of India<\/button>\n  <button data-correct=\"false\">Ministry of Finance, Government of India<\/button>\n  <button data-correct=\"true\">Reserve Bank of India<\/button>\n  <button data-correct=\"false\">Industrial Finance Corporation of India<\/button>\n<\/div>\n \n<!-- Q8: correct = A (option 1) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>8. In which year was the Industrial Credit and Investment Corporation of India (ICICI) founded as a private sector development bank?<\/p>\n  <button data-correct=\"true\">1955<\/button>\n  <button data-correct=\"false\">1948<\/button>\n  <button data-correct=\"false\">1964<\/button>\n  <button data-correct=\"false\">1982<\/button>\n<\/div>\n \n<!-- Q9: correct = D (option 4) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>9. What is the primary objective of the Unit Trust of India (UTI)?<\/p>\n  <button data-correct=\"false\">To finance large infrastructure projects directly<\/button>\n  <button data-correct=\"false\">To provide refinancing to scheduled commercial banks<\/button>\n  <button data-correct=\"false\">To regulate mutual fund operations in India<\/button>\n  <button data-correct=\"true\">To mobilise savings of small and medium business owners and direct them toward profitable investments<\/button>\n<\/div>\n \n<!-- Q10: correct = B (option 2) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>10. The Export-Import (EXIM) Bank of India was founded on January 1, 1982 with what primary intention?<\/p>\n  <button data-correct=\"false\">To regulate foreign exchange transactions in India<\/button>\n  <button data-correct=\"true\">To facilitate, finance, and promote Indian exports<\/button>\n  <button data-correct=\"false\">To provide housing loans to exporters<\/button>\n  <button data-correct=\"false\">To coordinate operations of all development banks<\/button>\n<\/div>\n \n<!-- Q11: correct = A (option 1) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>11. What was the authorized capital of the EXIM Bank of India at the time of its establishment?<\/p>\n  <button data-correct=\"true\">Rs. 200 crore<\/button>\n  <button data-correct=\"false\">Rs. 100 crore<\/button>\n  <button data-correct=\"false\">Rs. 350 crore<\/button>\n  <button data-correct=\"false\">Rs. 500 crore<\/button>\n<\/div>\n \n<!-- Q12: correct = C (option 3) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>12. The Small Industries Development Bank of India (SIDBI) was formed as a wholly owned subsidiary of which institution?<\/p>\n  <button data-correct=\"false\">EXIM Bank of India<\/button>\n  <button data-correct=\"false\">Reserve Bank of India<\/button>\n  <button data-correct=\"true\">Industrial Development Bank of India (IDBI)<\/button>\n  <button data-correct=\"false\">National Housing Bank (NHB)<\/button>\n<\/div>\n \n<!-- Q13: correct = B (option 2) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>13. Under which Act was the Small Industries Development Bank of India (SIDBI) established?<\/p>\n  <button data-correct=\"false\">SIDBI (Amendment) Act, 1995<\/button>\n  <button data-correct=\"true\">Small Industries Development of India Act, 1989<\/button>\n  <button data-correct=\"false\">State Finance Corporations Act, 1951<\/button>\n  <button data-correct=\"false\">Industrial Development Bank of India Act, 1964<\/button>\n<\/div>\n \n<!-- Q14: correct = D (option 4) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>14. The National Housing Bank (NHB) was established on July 9, 1988. Who fully subscribed to its inaugural share capital of Rs. 100 crore?<\/p>\n  <button data-correct=\"false\">Government of India<\/button>\n  <button data-correct=\"false\">Life Insurance Corporation of India<\/button>\n  <button data-correct=\"false\">State Bank of India<\/button>\n  <button data-correct=\"true\">Reserve Bank of India<\/button>\n<\/div>\n \n<!-- Q15: correct = D (option 4) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>15. Which of the following is NOT one of the main activities of the National Housing Bank (NHB)?<\/p>\n  <button data-correct=\"false\">Providing refinance to housing finance companies<\/button>\n  <button data-correct=\"false\">Funding Slum Redevelopment Projects (SRPs)<\/button>\n  <button data-correct=\"false\">Direct financing for integrated land development projects<\/button>\n  <button data-correct=\"true\">Issuing monetary policy guidelines for housing loans<\/button>\n<\/div>\n \n<!-- Q16: correct = C (option 3) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>16. In which year was the Life Insurance Corporation (LIC) of India established to promote life insurance and mobilise savings?<\/p>\n  <button data-correct=\"false\">1948<\/button>\n  <button data-correct=\"false\">1951<\/button>\n  <button data-correct=\"true\">1956<\/button>\n  <button data-correct=\"false\">1964<\/button>\n<\/div>\n \n<!-- Q17: correct = B (option 2) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>17. When was the general insurance sector in India nationalised and the General Insurance Corporation (GIC) established?<\/p>\n  <button data-correct=\"false\">January 1973<\/button>\n  <button data-correct=\"true\">November 1972<\/button>\n  <button data-correct=\"false\">July 1964<\/button>\n  <button data-correct=\"false\">March 1956<\/button>\n<\/div>\n \n<!-- Q18: correct = A (option 1) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>18. Which of the following is one of the four subsidiaries into which the GIC reorganised existing general insurance companies effective January 1, 1973?<\/p>\n  <button data-correct=\"true\">New India Insurance Company Limited<\/button>\n  <button data-correct=\"false\">United Commercial Insurance Company Limited<\/button>\n  <button data-correct=\"false\">Bharat General Insurance Company Limited<\/button>\n  <button data-correct=\"false\">Indian Overseas Insurance Company Limited<\/button>\n<\/div>\n \n<!-- Q19: correct = D (option 4) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>19. According to the law, what minimum percentage of their investable funds must GIC and its affiliates put into central government securities?<\/p>\n  <button data-correct=\"false\">10%<\/button>\n  <button data-correct=\"false\">15%<\/button>\n  <button data-correct=\"false\">20%<\/button>\n  <button data-correct=\"true\">25%<\/button>\n<\/div>\n \n<!-- Q20: correct = C (option 3) -->\n<div class=\"question\" data-answered=\"false\">\n  <p>20. Which of the following objectives is associated with development banks in India?<\/p>\n  <button data-correct=\"false\">Accepting demand deposits from the general public<\/button>\n  <button data-correct=\"false\">Competing with commercial banks for retail customers<\/button>\n  <button data-correct=\"true\">Removing regional inequalities and promoting balanced economic growth<\/button>\n  <button data-correct=\"false\">Setting benchmark lending rates for scheduled banks<\/button>\n<\/div>\n\n    <!-- FINAL SUMMARY -->\n    <div class=\"final-summary\">\n      <h3>Quiz Summary <\/h3>\n\n      <div class=\"summary-row\">\n        <span>Attempted<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-attempted\" data-summary=\"attempted\"><\/div><\/div>\n        <span data-count=\"attempted\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Correct<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-correct\" data-summary=\"correct\"><\/div><\/div>\n        <span data-count=\"correct\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Wrong<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-wrong\" data-summary=\"wrong\"><\/div><\/div>\n        <span data-count=\"wrong\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Unattempted<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-unattempted\" data-summary=\"unattempted\"><\/div><\/div>\n        <span data-count=\"unattempted\">0<\/span>\n      <\/div>\n\n      <div class=\"final-score\">\n        Final Score: <span class=\"score-value\" data-score>0.0<\/span>\n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n<div class=\"modal modal-obls\" id=\"modal-signup\">\n        <div class=\"modal-background\"><\/div>\n        <div class=\"modal-content\">\n           <div class=\"obls-group\" id=\"obls-group1\">\n               <div class=\"obls-blk\">\n                   <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/img-delivery.svg\" alt=\"\"><\/span>\n                   <h2 id=\"display-register-text\"><span class=\"ez-toc-section\" id=\"Sign_Up\"><\/span>Sign Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                   <div class=\"loginas-group loginas-group1 loginas-group-single\">\n <div id=\"g_id_onload\" data-client_id=\"506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com\" ,=\"\" data-use_fedcm_for_prompt=\"true\" data-callback=\"handleOnetapResponse\">\n    <\/div>\n    <div class=\"g_id_signin\" data-type=\"standard\"><div class=\"S9gUrf-YoZ4jf\" style=\"position: relative;\"><div><\/div><iframe src=\"https:\/\/accounts.google.com\/gsi\/button?type=standard&amp;is_fedcm_supported=true&amp;client_id=506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com&amp;iframe_id=gsi_437394_8652&amp;cas=pwXumGxyCMNtIbjaV30qchi2A1vUar%2Faz%2FOE5HQ%2B0Zc\" 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decoding=\"async\" src=\"\/img\/ic-mobile-black.svg\" alt=\"\"><\/span>\n                        <input type=\"text\" maxlength=\"10\" name=\"monum\" class=\"formcontrol ob-inputfield\" id=\"course-uphone\" required=\"\">\n                        <span class=\"floating-label\">Mobile Number<\/span>\n                   <\/div>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-lock.svg\" alt=\"\"><\/span>\n                        <input type=\"password\" name=\"pwd\" class=\"formcontrol ob-inputfield\" id=\"course-upassword\" required=\"\">\n                        <span class=\"floating-label\">Password<\/span>\n                   <\/div>\n                   <button type=\"button\" class=\"btn btn-md btn-tblue btn-obls\" onclick=\"courseUpValidation('home','IBPS','https:\/\/u1.oliveboard.in\/exams\/?c=dashboard&amp;i=common');return false;\" id=\"courseup\">REGISTER<\/button>\n                    <p class=\"obls-footer\">Already a user?<button type=\"button\" class=\"btn btn-xs btn-switch-obls btn-show-modal-login\" id=\"btn-show-modal-login\">Login<\/button><\/p>\n               <\/div> \n            <\/div> \n        <\/div>\n        <button class=\"modal-close is-large modal-obls-close\" aria-label=\"close\"><\/button>\n    <\/div>\n\n<div class=\"modal modal-obls\" id=\"modal-login\">\n        <div class=\"modal-background\"><\/div>\n        <div class=\"modal-content\">\n           <div class=\"obls-group\" id=\"obls-group2\">\n               <div class=\"obls-blk\">\n                   <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/img-run-health.svg\" alt=\"\"><\/span>\n                   <div id=\"login-group-abc\" class=\"lfp-group-abc\"><!-- start login group -->\n                       <h2><span class=\"ez-toc-section\" id=\"Login\"><\/span>Login<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                       <label class=\"errormsg txt-red courseIn\"><\/label>\n                       <div class=\"formcontrol-group disable-loginemail\">\n                            <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                            <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"course-email\" required=\"\">\n                            <span class=\"floating-label\">Email Id<\/span>\n                       <\/div>\n                       <div class=\"loginnext-group\" id=\"loginnext-group\"><!-- pass and captcha -->\n                           <div class=\"formcontrol-group\">\n                                <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-lock.svg\" alt=\"\"><\/span>\n                                <input type=\"password\" name=\"pwd\" class=\"formcontrol ob-inputfield\" id=\"course-password\" required=\"\">\n                                <span class=\"floating-label\">Password<\/span>\n                      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class=\"btn btn-md btn-tblue btn-obls coursein\" onclick=\"courseInValidation('https:\/\/u1.oliveboard.in\/exams\/?c=dashboard&amp;i=common')\">Submit<\/button>\n                       <form method=\"post\" action=\"https:\/\/login.oliveboard.in\/login\/next.php\" id=\"snf1\">\n                        <input type=\"hidden\" name=\"email\" value=\"\" id=\"lemailnext\">\n                        <\/form>\n                   <\/div><!-- end login group -->\n                   <div id=\"forgotpwd-group-abc\" class=\"lfp-group-abc forgotpwd-group-abc\"><!-- start forgotpwd group -->\n                       <h2><span class=\"ez-toc-section\" id=\"Forgot_Password\"><\/span>Forgot Password<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                       <p class=\"secintro-txt\">Please enter the Email ID we will send you a Email with the link to reset the password.<\/p>\n                       <label class=\"errormsg txt-red rePassMsg\"><\/label>\n                       <div class=\"formcontrol-group formcontrol-group-fp\">\n                            <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                            <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"remail\" required=\"\">\n                            <span class=\"floating-label\">Email Id<\/span>\n                       <\/div>\n                       <div class=\"loginas-group loginas-group1\">\n                            <button type=\"button\" id=\"btn-fpwd-cancel\" class=\"btn btn-md btn-white btn-cancel btn-fpwd-cancel\">Cancel<\/button>\n                            <button type=\"button\" id=\"lreset\" class=\"btn btn-md btn-tblue btn-fpwd-submit\" onclick=\"resetPassword()\">Submit<\/button>\n                       <\/div>\n                    <\/div><!-- end forgotpwd group --> \n                   <h6 class=\"login-subheader\">Or, login with<\/h6>\n                   <div class=\"loginas-group loginas-group2 loginas-group-single\">\n\n <div id=\"g_id_onload\" data-client_id=\"506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com\" ,=\"\" data-use_fedcm_for_prompt=\"true\" data-callback=\"handleOnetapResponse\">\n    <\/div>\n    <div class=\"g_id_signin\" data-type=\"standard\"><div class=\"S9gUrf-YoZ4jf\" style=\"position: relative;\"><div><div tabindex=\"0\" role=\"button\" aria-labelledby=\"button-label\" class=\"nsm7Bb-HzV7m-LgbsSe  hJDwNd-SxQuSe i5vt6e-Ia7Qfc uaxL4e-RbRzK\"><div class=\"nsm7Bb-HzV7m-LgbsSe-MJoBVe\"><\/div><div class=\"nsm7Bb-HzV7m-LgbsSe-bN97Pc-sM5MNb \"><div class=\"nsm7Bb-HzV7m-LgbsSe-Bz112c\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 48 48\" class=\"LgbsSe-Bz112c\"><g><path fill=\"#EA4335\" d=\"M24 9.5c3.54 0 6.71 1.22 9.21 3.6l6.85-6.85C35.9 2.38 30.47 0 24 0 14.62 0 6.51 5.38 2.56 13.22l7.98 6.19C12.43 13.72 17.74 9.5 24 9.5z\"><\/path><path fill=\"#4285F4\" d=\"M46.98 24.55c0-1.57-.15-3.09-.38-4.55H24v9.02h12.94c-.58 2.96-2.26 5.48-4.78 7.18l7.73 6c4.51-4.18 7.09-10.36 7.09-17.65z\"><\/path><path fill=\"#FBBC05\" d=\"M10.53 28.59c-.48-1.45-.76-2.99-.76-4.59s.27-3.14.76-4.59l-7.98-6.19C.92 16.46 0 20.12 0 24c0 3.88.92 7.54 2.56 10.78l7.97-6.19z\"><\/path><path fill=\"#34A853\" d=\"M24 48c6.48 0 11.93-2.13 15.89-5.81l-7.73-6c-2.15 1.45-4.92 2.3-8.16 2.3-6.26 0-11.57-4.22-13.47-9.91l-7.98 6.19C6.51 42.62 14.62 48 24 48z\"><\/path><path fill=\"none\" d=\"M0 0h48v48H0z\"><\/path><\/g><\/svg><\/div><span class=\"nsm7Bb-HzV7m-LgbsSe-BPrWId\">Sign in with Google<\/span><span class=\"L6cTce\" id=\"button-label\">Sign in with Google. Opens in new tab<\/span><\/div><\/div><\/div><iframe src=\"https:\/\/accounts.google.com\/gsi\/button?type=standard&amp;is_fedcm_supported=true&amp;client_id=506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com&amp;iframe_id=gsi_437400_306436&amp;cas=pwXumGxyCMNtIbjaV30qchi2A1vUar%2Faz%2FOE5HQ%2B0Zc\" class=\"L5Fo6c-PQbLGe\" allow=\"identity-credentials-get\" id=\"gsi_437400_306436\" title=\"Sign in with Google Button\" style=\"display: block; position: relative; top: 0px; left: 0px; height: 0px; width: 0px; border: 0px;\"><\/iframe><\/div><\/div>\n\n\n                   <\/div>\n                    <p class=\"obls-footer\">New to Oliveboard?<button class=\"btn btn-xs btn-switch-obls\" id=\"btn-show-modal-signup\">Register<\/button><\/p>\n               <\/div> \n            <\/div> \n            <div class=\"success-msg-group\" id=\"success-msg-group\"><!-- success msg -->\n                <div class=\"success-msg-blk\" id=\"success-msg-blk\">\n                    <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/success-ellipse.svg\" alt=\"\"><\/span>\n                    <h2 id=\"fpwd-success-msg-title\"><span class=\"ez-toc-section\" id=\"i\"><\/span>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                    <p id=\"fpwd-success-msg-text\">&nbsp;<\/p>\n                    <div class=\"login-btn\">\n                        <button type=\"button\" class=\"btn btn-md btn-tblue modal-obls-close\">Ok<\/button>\n                    <\/div>\n\n                <\/div>\n            <\/div><!-- success msg -->\n\n        <\/div>\n        <button class=\"modal-close is-large modal-obls-close\" aria-label=\"close\"><\/button>\n    <\/div>\n\n<script src=\"https:\/\/s3-ap-southeast-1.amazonaws.com\/sg2.oliveboard.in\/static\/js\/jquery.js\"><\/script>\n\n<script>\nvar boxurl = window.location.href + '?log=1';\n\nfunction getUrlParam(name, defaultValue) {\n    const params = new URLSearchParams(window.location.search);\n    return params.has(name) ? params.get(name) : defaultValue;\n}\n\nvar l_log = getUrlParam('log', 0);\n<\/script>\n<script src=\"https:\/\/www.oliveboard.in\/js\/coursecommon.js?v=12\"><\/script>\n\n\n<script>\n(() => {\n  const quizContainer = document.getElementById('quiz-1');\n  const STORAGE_KEY = 'quiz_1_state';\n  let score = 0;\n  let attempted = 0;\n  let correct = 0;\n  let wrong = 0;\n\n  const questions = quizContainer.querySelectorAll(\".question\");\n  const total = questions.length;\n\n  function loadState() {\n    try { return JSON.parse(sessionStorage.getItem(STORAGE_KEY) || '{}'); }\n    catch { return {}; }\n  }\n\n  function saveState(data) {\n    sessionStorage.setItem(STORAGE_KEY, JSON.stringify(data));\n  }\n\n  function updateUI() {\n    const unattempted = total - attempted;\n    quizContainer.querySelector('[data-count=\"attempted\"]').textContent = attempted;\n    quizContainer.querySelector('[data-count=\"correct\"]').textContent = correct;\n    quizContainer.querySelector('[data-count=\"wrong\"]').textContent = wrong;\n    quizContainer.querySelector('[data-count=\"unattempted\"]').textContent = unattempted;\n    quizContainer.querySelector('[data-summary=\"attempted\"]').style.width = (attempted \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"correct\"]').style.width = (correct \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"wrong\"]').style.width = (wrong \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"unattempted\"]').style.width = (unattempted \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-score]').textContent = score.toFixed(2);\n\n    \/\/ Live score update in sticky header\n    document.getElementById('quiz-1-score-value').textContent = score.toFixed(2);\n  }\n\n  function restoreQuestion(q, chosenIndex, wasCorrect) {\n    q.dataset.answered = \"true\";\n    const buttons = q.querySelectorAll(\"button\");\n    buttons.forEach(b => b.classList.add(\"locked\"));\n    if (wasCorrect) {\n      buttons[chosenIndex].classList.add(\"correct\");\n    } else {\n      buttons[chosenIndex].classList.add(\"wrong\");\n      q.querySelector(\"[data-correct='true']\").classList.add(\"correct\");\n    }\n  }\n\n  \/\/ Restore saved answers on page load\n  const savedAnswers = loadState();\nquestions.forEach((q, qIndex) => {\n    const saved = savedAnswers[qIndex];\n    if (saved !== undefined) {\n      attempted++;\n      if (saved.correct) { correct++; }\n      else { wrong++; }\n      restoreQuestion(q, saved.chosenIndex, saved.correct);\n    }\n  });\n  score = parseFloat((correct * 1 - wrong * 0.0).toFixed(2));\n  updateUI();\n\n  \/\/ Attach click handlers\n  questions.forEach((q, qIndex) => {\n    q.querySelectorAll(\"button\").forEach((btn, btnIndex) => {\n      btn.addEventListener(\"click\", () => {\n        if (q.dataset.answered === \"true\") return;\n        q.dataset.answered = \"true\";\n        attempted++;\n\n        if (attempted > 9 && l_log == 0) {\n          $('#modal-signup').addClass('is-active');\n        }\n\n        q.querySelectorAll(\"button\").forEach(b => b.classList.add(\"locked\"));\n        const isCorrect = btn.dataset.correct === \"true\";\n\n if (isCorrect) {\n          btn.classList.add(\"correct\");\n          correct++;\n        } else {\n          btn.classList.add(\"wrong\");\n          wrong++;\n          q.querySelector(\"[data-correct='true']\").classList.add(\"correct\");\n        }\n        score = parseFloat((correct * 1 - wrong * 0.00).toFixed(2));\n\n        savedAnswers[qIndex] = { chosenIndex: btnIndex, correct: isCorrect };\n        saveState(savedAnswers);\n        updateUI();\n      });\n    });\n  });\n\n  updateUI();\n})();\n<\/script>\n\n<\/body>\n<\/html>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Explore RBI Grade B Online Courses<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-functions-of-development-banks-in-india\"><span class=\"ez-toc-section\" id=\"What_are_the_functions_of_Development_Banks_in_India\"><\/span>What are the functions of Development Banks in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Development banks in India work as growth engines for the economy. They provide financial and non-financial support to industries, businesses, and infrastructure projects. Their role is not limited to lending money; they also guide and support development activities.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This kind of institution deals with money.<\/li>\n\n\n\n<li>It offers medium- and long-term financing to business divisions.<\/li>\n\n\n\n<li>It doesn&#8217;t take deposits from the general public like commercial banks do.<\/li>\n\n\n\n<li>It is more than just a lender for quick cash. It is a financial organization that serves many purposes.<\/li>\n\n\n\n<li>Fundamentally, it is a bank for development. Its main objective is to encourage investment and entrepreneurship in developing economies in order to advance economic growth. It encourages startup and small enterprises and works to foster balanced regional growth.<\/li>\n\n\n\n<li>In addition to private sector businesses, it also supports public sector businesses with funding.<\/li>\n\n\n\n<li>It tries to instill the practice of saving and communal investment.<\/li>\n\n\n\n<li>It doesn&#8217;t compete with conventional financial channels, such as the financing already provided by banks and other conventional financial institutions. Its main role is that of a gap-filler, bridging the gaps in the current financial facilities.<\/li>\n\n\n\n<li>Instead of being driven by financial gain, it serves the greater good. It benefits the nation as a whole.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-objectives-of-development-banks-in-india\"><span class=\"ez-toc-section\" id=\"What_are_the_objectives_of_Development_Banks_in_India\"><\/span>What are the objectives of Development Banks in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The main objective of development banks is to support the overall economic growth of the country. They focus on job creation, industrial development, and balanced regional progress.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To promote industrial growth,<\/li>\n\n\n\n<li>To create regressive zones,<\/li>\n\n\n\n<li>To increase the quantity of available jobs,<\/li>\n\n\n\n<li>To increase exports and promote import replacement<\/li>\n\n\n\n<li>To encourage modernization and technical advancement,<\/li>\n\n\n\n<li>To promote more efforts for self-employment,<\/li>\n\n\n\n<li>To revive ailing units,<\/li>\n\n\n\n<li>to enhance training for large industry managers,<\/li>\n\n\n\n<li>Removing regional inequalities or inequities<\/li>\n\n\n\n<li>Through providing risk financing, to promote the development of research and technology in new fields,<\/li>\n\n\n\n<li>To strengthen the nation&#8217;s capital market<\/li>\n<\/ul>\n\n\n\n<p><strong>Take a free quiz and evaluate your preparation:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Exam<\/strong><\/td><td><strong>Practice Quiz Link<\/strong><\/td><\/tr><tr><td>RBI Grade B Practice Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-practice-quiz\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download PDF<\/a><\/td><\/tr><tr><td>RBI Grade B FM Practice Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-fm-practice-quiz\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download PDF<\/a><\/td><\/tr><tr><td>RBI Grade B ESI Practice Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-esi-practice-quiz\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download PDF<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-types-of-development-banks-in-india\"><span class=\"ez-toc-section\" id=\"What_are_the_Types_of_Development_Banks_in_India\"><\/span>What are the Types of Development Banks in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India has several development banks that work in different sectors such as industry, housing, export, and insurance. Each institution has a specific role in supporting economic development.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Industrial Finance Corporation of India (IFCI) <\/li>\n\n\n\n<li>State Finance Corporations (SFCs) <\/li>\n\n\n\n<li>Industrial Development Bank of India (IDBI) <\/li>\n\n\n\n<li>Industrial Credit and Investment Corporation of India (ICICI)<\/li>\n\n\n\n<li>Unit Trust of India (UTI) <\/li>\n\n\n\n<li>Industrial Reconstruction Bank of India (IRBI)\/ Industrial Investment Bank of India (IIBI)<\/li>\n\n\n\n<li> Export-Import (EXIM) Bank of India and a Few Others.<\/li>\n\n\n\n<li>Small Industries Development Bank of India (SIDBI)<\/li>\n\n\n\n<li>National Housing Bank (NHB)<\/li>\n\n\n\n<li>Life Insurance Corporation (LIC) of India<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-industrial-finance-corporation-of-india-ifci\">1. Industrial Finance Corporation of India (IFCI) <\/h3>\n\n\n\n<p>The Government of India established the Industrial Finance Corporation, its first industrial development bank, in July 1948. It was created with the intention of offering qualifying industrial units in the nation medium- and long-term loans.<\/p>\n\n\n\n<p>It offers financial support to large and medium-sized businesses in the public and commercial sectors, as well as to cooperatives. <\/p>\n\n\n\n<p>The IFCI, a <strong>development bank<\/strong>, also engages in a variety of marketing initiatives, some independently and others in collaboration with other All-India financial institutions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-state-finance-corporations-sfcs\">2. State Finance Corporations (SFCs) <\/h3>\n\n\n\n<p>Small and medium-sized businesses are not covered by the Industrial Finance Corporation, which only gives financial support to major public limited corporations and cooperative societies. <\/p>\n\n\n\n<p>The State Finance Corporations Act, which gives state governments the authority to create such Corporations in their states, was passed by the Indian government in 1951 in order to address the diverse financial needs of small and medium-sized businesses. <\/p>\n\n\n\n<p>In Punjab, the first State Finance Corporation was founded in 1953. There are now 18 SFCs active in the nation.<\/p>\n\n\n\n<p><strong>Also Attempt Free Practice Quiz Now!<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Particulars<\/strong><\/td><td><strong>Link<\/strong><\/td><\/tr><tr><td>RBI Circulars Practice Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-circulars\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><tr><td>RBI Bulletin Practice Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-bulletin\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-industrial-development-bank-of-india-idbi\">3. Industrial Development Bank of India (IDBI) <\/h3>\n\n\n\n<p>The Industrial Development Bank of India (IDBI) is the leading financial organization in the country&#8217;s development banking sector. It was founded in July 1964 with the dual goals of (a) addressing the country&#8217;s expanding financial demands and (b) coordinating the operations and fostering the expansion of all institutions engaged in financing industries.<\/p>\n\n\n\n<p>It is a sufficiently substantial financial resource organization that supports large and medium-large industrial units directly while also indirectly assisting small and medium-sized enterprises by providing refinancing and rediscounting facilities to other industrial financing organizations.<\/p>\n\n\n\n<p>Therefore, the IDBI&#8217;s main goals have been to fill the gap between the country&#8217;s demand and supply for term financing as well as to integrate the structure of industrial financing institutions. The IDBI was first established as a fully owned subsidiary of the Reserve Bank of India, but in 1976, the Government of India took control and transformed it into an independent organization.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-industrial-credit-and-investment-corporation-of-india-icici\">4. Industrial Credit and Investment Corporation of India (ICICI)<\/h3>\n\n\n\n<p>In 1955, a private limited business called the Industrial Credit and Investment Corporation of India was founded. It was established as a private sector <strong>development bank<\/strong> to aid and support the nation&#8217;s private industrial companies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-unit-trust-of-india-uti\">5. Unit Trust of India (UTI) <\/h3>\n\n\n\n<p>In 1964, the Unit Trust of India was founded as a public sector investment organization. The basic goal of the UTI is to mobilize small- and medium-sized business owners&#8217; savings and direct them toward profitable investments.<\/p>\n\n\n\n<p>As a result, it both helps the economy&#8217;s industrial development and diversification while also giving small savers the chance to share in the rewards of that development by investing their money in productive and less hazardous ventures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-industrial-reconstruction-bank-of-india-irbi-industrial-investment-bank-of-india-iibi\">6. Industrial Reconstruction Bank of India (IRBI)\/ Industrial Investment Bank of India (IIBI) <\/h3>\n\n\n\n<p>Growing industrial disease has become a significant issue for some of the nation&#8217;s key industries, including textiles, engineering, mining, etc. Due to a variety of factors, including a lack of consumer demand, a shortage of raw materials, labor issues, financial difficulties, managerial inefficiencies, etc., a number of industrial units have been sick in recent years. Industrial unit closures are a major setback for the economy since they diminish output and increase unemployment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-export-import-exim-bank-of-india-and-a-few-others\">7. Export-Import (EXIM) Bank of India and a Few Others.<\/h3>\n\n\n\n<p><br>The main financial institution in India for coordinating the operations of institutions involved in financing export and import commerce is the Export-Import (EXIM) Bank of India. It is a statutory corporation that belongs entirely to the Indian government. <\/p>\n\n\n\n<p>It was founded on January 1st, 1982 with the intention of facilitating, financing, and promoting Indian exports.<\/p>\n\n\n\n<p>Capital. The EXIM Bank has a Rs. 200 crore authorized capital and a Rs. 100 crore paid up capital, both fully subscribed by the Central Government.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-8-small-industries-development-bank-of-india-sidbi\">8. Small Industries Development Bank of India (SIDBI):<\/h3>\n\n\n\n<p>Under the Small Industries Development of India Act of 1989, the Industrial Development Bank of India (IDBI) formed the Small Industries Development Bank of India (SIDBI) as a totally owned subsidiary. <\/p>\n\n\n\n<p>It serves as the main organization for the development, funding, and promotion of small-scale industries.<\/p>\n\n\n\n<p>Additionally, it organizes the operations of organizations that carry out comparable tasks. Small Industries Development Fund and National Equity Fund administration has been transferred from IDBI to SIDBI for this reason.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-national-housing-bank-nhb\">9. National Housing Bank (NHB):<\/h3>\n\n\n\n<p>On July 9, 1988, the National Housing Bank (NHB) was established in accordance with the national housing strategy, which aimed to construct a workable and accessible institutional framework for delivering housing finance. <\/p>\n\n\n\n<p>An elite institution for home finance is NHB. The RBI fully subscribed for its inaugural share capital of Rs. 100 crore. The paid-up capital of NHB was Rs. 350 crore as of June 30, 1999.<\/p>\n\n\n\n<p>Extending financial support to various qualifying entities in the housing sector via (a) refinance or (b) direct financing is one of National Housing Bank&#8217;s (NHB) main activities.<\/p>\n\n\n\n<p><strong>a) Refinance<\/strong><\/p>\n\n\n\n<p>The NHB offers refinance assistance to the various qualifying main lending institutions, including cooperative sector institutions, scheduled banks, and housing finance companies (HFCs). These institutions are given assistance with refinancing their housing loans that they made to people as well as public and private organizations for the development of land and housing developments.<\/p>\n\n\n\n<p>Up till the end of March 2000, NHB has given the principal lending institutions a total of 4961.48 crore in refinance assistance.<\/p>\n\n\n\n<p><strong>(b) Direct financing <\/strong><\/p>\n\n\n\n<p>In relation to Land Development and Shelter Projects (LDSPs), Slum Redevelopment Projects (SRPs), and Housing Infrastructure Projects, NHB offers direct financing for integrated land development and shelter projects of governmental agencies (HIPs). <\/p>\n\n\n\n<p>As of the end of March 2000, 61.86 crore rupees have been disbursed through the direct finance window.<\/p>\n\n\n\n<p>In accordance with the Voluntary Deposit (Immunities and Exemptions) Act of 1991, NHB has established a special fund to finance slum rebuilding initiatives. The Government of India has developed a program for NRI investment in housing and real estate within the broader liberalized framework in response to the housing demands of non-resident Indians.<\/p>\n\n\n\n<p>The program aims to encourage NRI investment in numerous projects involving housing and real estate development.<\/p>\n\n\n\n<p>These activities include the creation of serviced plots, the erection of residential and commercial buildings, the development of townships, the creation of urban infrastructure, the production of building materials, and involvement in housing finance firms. <\/p>\n\n\n\n<p>A nodal cell has been established in NHB as part of this plan for coordination of decisions on policy and procedures pertaining to the scheme.<\/p>\n\n\n\n<p>The NHB has subscribed to the Special Rural Housing Debentures (SRHDs) of state level cooperative Land Development Banks (LDBs) to the tune of Rs. 180.91 crore up until the end of April 1996 in its efforts to increase the flow of funds, particularly in rural areas, and its easy accessibility to the needy rural population.<\/p>\n\n\n\n<p>NHB has established a Direct Financing Scheme for Home for Women in recognition of the importance of providing housing finance to women, particularly those belonging to the vulnerable sectors. In accordance with this plan, NHB would directly fund local and public projects that help women who fall under the low-income group (LIG) and economically weaker sections (EWS) categories.<\/p>\n\n\n\n<p><strong>Also Check: <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Resource<\/strong><\/td><td><strong>Link<\/strong><\/td><\/tr><tr><td>Monthly Current Affairs Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><tr><td>January Current Affairs Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/pib-january-current-affairs-quiz\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><tr><td>February Current Affairs Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/pib-february-current-affairs-quiz\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><tr><td>March Current Affairs Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/pib-march-current-affairs-quiz\/?ref=contac-nai-reg-rbi\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-life-insurance-corporation-lic-of-india\">10. Life Insurance Corporation (LIC) of India:<\/h3>\n\n\n\n<p>Life Insurance Corporation of India: The Life Insurance Corporation of India (LIC) was founded in 1956 to promote life insurance throughout the nation and to mobilize savings for purposes of nation-building.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-general-insurance-corporation-gic-of-india\">9. General Insurance Corporation (GIC) of India: <\/h3>\n\n\n\n<p>General Insurance firms sell insurance against specific risks, such as loss from fire and accident, to property of various kinds, including cars, goods, machines, buildings, etc., as well as against risk of personal accidents and illness. These companies&#8217; policies don&#8217;t provide a saving feature.<\/p>\n\n\n\n<p>A general insurance customer merely purchases a service, not a financial asset. Because of this, general insurance businesses cannot be thought of as true financial intermediaries. They do, however, amass substantial sums of money via premiums and investment income and manage asset portfolios similarly to other financial institutions.<\/p>\n\n\n\n<p>In November 1972, the government of India nationalized the general insurance sector and established the General Insurance Corporation (GIC) of India.<\/p>\n\n\n\n<p>The 107 foreign and Indian companies that were operating in the nation before it was nationalized were reorganized into four subsidiaries of GIC with effect from January 1, 1973, and they are now known as (a) National Insurance Company Limited, (b) New India Insurance Company Limited, (c) Oriental Insurance Company Limited, and (d) United India Insurance Company Limited.<\/p>\n\n\n\n<p>These four GIC subsidiaries all do various kinds of general insurance business across the nation in direct competition with one another.<\/p>\n\n\n\n<p>Following nationalization, the GIC and its affiliates have made significant strides. They have also developed into significant funding sources for both the public and corporate sectors. According to the law, they must put at least 35% of their invertible money into assets that are sanctioned by the government and other parties, with a minimum of 25% going into central government securities.<\/p>\n\n\n\n<p>The net premium income and net profits for the general insurance sector in 1998\u20131999 were Rs. 7732 crore and Rs. 1077 crore, respectively. From Rs. 30.8 crore in 1980\u201381 to Rs. 2983 crore in 2001\u201302, GIC sanctioned more loans. Similar to how loan amounts climbed, from Rs. 44.0 crore in 1980\u201381 to Rs. 2809 crore in 2001\u201302, so did loan disbursements.<\/p>\n\n\n\n<p>The general insurance network had 4166 offices as of March 31, 1999, up from 799 offices in 1973. In addition to the domestic market, the industry currently operates in 14 countries through subsidiaries and partner firms, and 17 nations directly through branches or agents.<\/p>\n\n\n\n<p>India International Insurance Private Limited, a wholly owned subsidiary of GIC founded in Singapore in 1988, has developed into a market leader in that country.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1672052099672\"><strong class=\"schema-faq-question\">Q1. What does\u00a0Development Financial Institutions mean?<\/strong> <p class=\"schema-faq-answer\">Ans. <strong>Development banks<\/strong> are companies that offer long-term financing for capital-intensive projects with protracted repayment periods, such as irrigation systems, mining and heavy industry, and urban infrastructure.<br\/>2. These banks usually offer loans with low, consistent interest rates in an effort to promote long-term investments that have substantial positive social impacts.<br\/>3. Development banks are also known as term lending institutions and development finance institutions (DFIs).<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1672052240617\"><strong class=\"schema-faq-question\">Q2. What distinguishes a development bank?<\/strong> <p class=\"schema-faq-answer\">Ans. <strong>Development banks<\/strong> do not take public deposits, in contrast to commercial banks. They are therefore not entirely dependent on saving mobilization. Development banks are specialized financial organizations that make medium- and long-term loans.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1672052269264\"><strong class=\"schema-faq-question\">Q3. Describe one of the development bank&#8217;s major functions.<\/strong> <p class=\"schema-faq-answer\">Ans. <strong>Development banks<\/strong> provide funding for the housing sector&#8217;s expansion. It restructures the debt of the banks and other organizations that lend to the housing market. It promotes the expansion of residential and financial establishments.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1672052288644\"><strong class=\"schema-faq-question\">Q4. Which\u00a0is India&#8217;s first development bank?<\/strong> <p class=\"schema-faq-answer\">Ans. The first DFI in India is IFCI. 1948 saw the establishment of the Industrial Corporation of India. Later, the organization was renamed Industrial Financial Corporation of India. It was governed by the Ministry of Finance, which is part of the Indian government.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1672057782574\"><strong class=\"schema-faq-question\">Q5. How many development banks are there in India?<\/strong> <p class=\"schema-faq-answer\">Ans. There are 18 development banks in India<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1672058082580\"><strong class=\"schema-faq-question\">Q6. what is the main function of development bank?<\/strong> <p class=\"schema-faq-answer\">Ans. These specialist financial entities are called development banks. They give the industrial and agricultural sectors medium- and long-term financing. They engage in term lending, securities investing, and other operations. They even encourage people to develop good investing and saving habits.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1672058192330\"><strong class=\"schema-faq-question\">Q7. What bank is referred to as the development bank?<\/strong> <p class=\"schema-faq-answer\">Ans. The development banks SIDBI, NABARD, and IFCI are a few examples.<\/p> <\/div> <\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/states-and-capitals-of-india\/\">States and Capitals of India: Total States, Capitals, Chief Ministers and Governors<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/important-government-schemes-nabard-grade-a\/\">Government Schemes for NABARD Grade A 2026<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/global-financial-stability-report-quiz\/\">Attempt Global Financial Stability Report Quiz and Download PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/world-development-report\/\">World Development Report 2026, All About AI and Growth<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/gk-quiz\/\">Attempt GK Quiz and Download 1000 GK Quiz PDF for Free<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/ease-of-doing-business-report-quiz\/\">Ease of Doing Business Report Quiz, Download Free PDF<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Development banks play a very important role in the growth of a country. They provide long-term financial support for large<\/p>\n","protected":false},"author":50,"featured_media":245568,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13848],"tags":[696,11852,13872],"class_list":["post-109723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-awareness","tag-banks","tag-banks-in-india","tag-development-banks","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Development Banks in India, Its Meaning, Types, Function &amp; Objectives<\/title>\n<meta name=\"description\" content=\"This blog list of Development Banks in India are shared and complete details about the bank. 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