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Manag., July-2016-Q44

0. Industrial Reconstruction Bank of India (IRBI) which was reconstituted into a full-fledged all-purpose developmental financial institution with effect from March 27, 1997, was renamed as _______.

  • Option : B
  • Explanation : The Union Budget 1996-97 proposed to transform the IRBI into a full-fledged all-purpose development finance institution. Accordingly, on March 27, 1997, IRBI was transformed into Industrial Investment Bank of India Ltd. (IIBI), by registering it as a limited company under the Companies Act, 1956. The purpose of this change was to make this institution a full-fledged development financial institution. IIBI offers a variety of financial products such as project finance, short-duration non-project asset-backed financing, and working capital and other short-term loans to companies.
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