RBI, the leader of the financial system, was established as a private institution in 1935. It was nationalized in 1949. It was followed by the nationalization of the Imperial Bank. of India. One of the important milestones in India's economic growth was the nationalization of 245 life insurance companies in 1956. As a result, the Life Insurance Corporation of India came into existence on September 1, 1956. Another development important was the nationalization of 14 large commercial companies. banks in 1969. In 1980, 6 more banks were nationalized. Another milestone was the nationalization of the general insurance industry and the creation of the General Insurance Corporation in 1972. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay Another milestone in the history of development of Indian financial system is the establishment of new financial institutions to provide institutional credit to industries. In 1949, RBI undertook a detailed study to determine the need for specialized institutions. The first development bank was established in 1948. It was the Industrial Finance Corporation of India (IFCI). In 1951, Parliament adopted the Law on State Financial Corporations. Under this law, state governments could establish financial corporations for their respective regions. The Industrial Credit and Investment Corporation of India (ICICI) was established in 1955. It was supported by the Government of India, World Bank, etc. UTI was established in 1964 as a public sector institution to collect people's savings and make them more profitable. available for productive businesses. The Industrial Development Bank of India (IDBI) was established on July 1, 1964 as a wholly owned subsidiary of the RBI. On February 16, 1976, the IDBI was delinked from the RBI. It became an independent financial institution. It coordinates the activities of all other financial institutions. In 1971, IDBI and LIC jointly established the Industrial Reconstruction Corporation of India with the main objective of reconstruction and rehabilitation of ailing industrial enterprises. IRCI was transformed into a statutory company in March 1985 and renamed Industrial Reconstruction Bank of India. Its new name is now Industrial Investment Bank of India (IIBI). In 1982, the Export-Import Bank of India (EXIM Bank) was established to provide financial assistance to exporters and importers. On 2 April 1990, Small Industries Development Bank of India (SIDBI) was established as a wholly owned subsidiary of IDBI. SIDBI assumed responsibility for administering the Small Industries Development Fund and the National Equity Fund. In 1963, the RBI established the Agricultural Refinancing and Development Corporation (ARDC) to provide refinancing support to banks to finance major development projects, minor irrigation projects. , agricultural mechanization, land use planning, etc. In order to meet the credit needs of agriculture and rural sector, National Bank for Agriculture and Rural Development (NABARD) was established in 1982. The main objective of establishment of NABARD is to expand the short term, agricultural mechanization, land use planning, etc. medium and long-term financing of agriculture and related activities. The National Housing Bank (NHB) was established in July 1988 as an apex institution responsible for mobilizing resources for the housing sector and promoting housing finance institutions. 5. Creation of Stock Holding Corporation of India (SHCIL): In 1987, a.