Financial institutes

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shriyeshjain

shriyeshjain (Querist)
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01 July 2012 Sir,
Please give the difference between Public Financial Institutes and Financial Institutes?
Thanku.

Ajay Mishra

Ajay Mishra (Expert)
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01 July 2012 Hi

Section 4A of Companies Act, 1956 defines Public financial institutions.-

(1) Each of the financial institutions specified in this sub-section shall be regarded, for the purposes of this Act, as a public financial institution, namely:-

(i) the Industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913);

(ii) the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948 (7 of 1948);

(iii) the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964);

(iv) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);

(v) the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);

2[(vi) the Infrastructure Development Finance Company Limited, a company formed and registered under this Act.]

3[(vii) the securitisation company or reconstruction company which has obtained a certificate of registration under sub-section (4) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.]

(2) Subject to the provisions of sub-section (1) the Central Government may, by notification in the Official Gazette, specify such other institution as it may think fit to be a public financial institution:

Provided that no institution shall be so specified unless-

(i) it has been established or constituted by or under any Central Act, or

(ii) not less than fifty-one per cent, of the paid-up share capital of such institution is held or controlled by the Central Government.]

Ajay Mishra

Ajay Mishra (Expert)
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01 July 2012 Hi

Financial Institution means an Institution which collects funds from the public and places them in financial assets, such as deposits, loans, and bonds, rather than tangible property.

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