It has shed off its outfit of financing sick industries into one financing industrial investment for growth, expansion, diversification etc. It has now become a development financial institution with a five year tax holiday in addition to completely restructured capital structure.
The Industrial Investment Bank of India is a 100% government of India-owned financial investment institution. It was established in 1971 by resolution of the Parliament of India u/s 617 of the Companies Act.
In addition to the above development institutions, we have National Housing Bank that is the apex bank for Housing Finance to provide finance and refinance to Housing Finance Corporations like HDFC. Shipping Credit and Investment Corporation of India (SCICI) help financing and refinancing shipping companies.
