DEVELOPMENT BANKS :

History of development Banking in India can be traced to the establishment of the Industrial Finance Corporation of India in 1948. Subsequently, with the passing of State Financial Corporation Act,1951, several SFCs came into being. With the introduction of financial sector reforms, many changes have been witnessed in the domain of development banking. There are more than 60 Development Banking Institutions at both Central and State level. We are discussing here below the four major development banks which assist in extending long term lending and refinance facilities to different sectors of economy. These financial institutions plays crucial role in assisting different segments including the rural economic development.