Assignment of indian financial system.
- 1. TOPIC : CONCEPT OF INDIAN RECONSTRUCTION CORPORATION OF INDIA (IRCI) PRESENTED TO : PRESENTED BY : MS ALKA SOOD , AMANDEEP SINGH Asst. Prof. SMS BUPIN:19PBA008 BUEST. MBA3rd.sem
- 2. CONTENTS Introduction Of Industrial Reconstructions Corporation Of India(IRCI) . And Concept Of Industrial Reconstruction Bank Of India(IRBI) . Objectives Of IRCI . Functions Of IRCI . And Resources Of IRCI .
- 3. INTRODUCTION OF IRCI The Industrial Reconstruction Corporation of India was established as a public limited company in April, 1971 under the control of Reserve Bank of India and the Central Government. This corporation aims at providing financial, technical or managerial assistance so that they can be put up again as viable units. IRCI was set up by Industrial Reconstruction Bank of India (IDBI )and other development and public sector banks. IRCI was reconstituted and renamed as Industrial Reconstruction Bank of India in 1985 with a special Act in the parliament. CONCEPT OF IDBI :Because in 1984, the Government of India passed an act converting the (IRCI) into the (IRBI) for their speedy reconstruction and rehabilitation of sick units and developing infrastructure facilities like those of transport , marketing etc.
- 4. OBJECTIVES Of IRCI The basic objective of this corporation is to assist rehabilitation of sick industrial units or rehabilitation of units likely to face closure, but showing promise of viability. This corporation aims at providing financial, technical or managerial assistance to sick industrial units .
- 5. FUNCTIONS Of IRCI Providing technical and managerial guidance either through its own staff or by procuring the suitable personnel from the market. Helping in getting assistance from other banks and financial institutions and Government agencies. Restructuring the financial base of the assisted companies and restructuring of the management.. Finding out viable solutions to the labour problems.
- 6. RESOURCES Of IRCI The corporation has an authorized capital of Rs. 25 crores out of which Rs. 10 crores have been issued to and subscribed by IDBI , Life Insurance Corporation of India, State Bank of India (SBI) and the 14 nationalised banks. The Corporation has received Rs. 10 crores from Govt, of India . It is managed by the board of directors whose members shall not be less than 9 and more than 15 . Three directors are appointed by IDBI. It has also constituted an executive committee to consider the grant of restructuring loans up to the extent of Rs 5 lakhs in any single case. The repayments period varies from 4 to 12 years.
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