The Full Form of ‘IRCI’ in Banking is ‘Industrial Reconstruction Corporation of India Limited’.
Full Form of IRCI
Industrial Reconstruction Corporation of India Limited, commonly referred to as IRCI, is an Indian public sector financial institution that was established in 1971. The primary objective of the corporation is to provide financial assistance to industries that are facing difficulties due to technological obsolescence, low productivity, and other factors. IRCI has been instrumental in helping numerous industries from all sectors of the economy to restructure and modernize their operations.
The main functions of IRCI include providing finance for industrial reconstruction and modernization projects, providing technical consultancy services, rendering advice on corporate restructuring and rehabilitation schemes, and providing project appraisal services. It also serves as a facilitator for joint ventures between Indian companies and overseas investors.
In order to provide financial assistance to eligible borrowers, IRCI has set up several financing options such as term loans, working capital loans, venture capital funding, equity participation funding, etc. It also provides various loan products such as short-term loans for working capital requirements; medium-term loans for expansion/modernization/diversification; long-term loans for construction/acquisition of assets; special purpose vehicles (SPVs) for project financing; foreign currency loan schemes; etc.
Apart from providing financial assistance to eligible borrowers, IRCI also helps them in formulating business plans and strategies which help the borrower in achieving its objectives. Further, it assists them in managing their financial resources by offering advisory services on matters related to risk management and credit management. Additionally, it provides technical support and guidance with respect to procurement of inputs required for the successful completion of projects.
The full form of “IRCI” stands for Industrial Reconstruction Corporation of India Limited – a public sector bank which plays an important role in helping revive ailing industries by providing them with necessary financial assistance along with other support services so that they can become competitive again. This institution has helped numerous businesses across all sectors overcome their current difficulties and strengthen their operations over the years since its establishment in 1971.
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