IFCI has reduced its Benchmark Rate ‘IFCI Benchmark Rate (IBR)’ from 12.00 percent per annum to 11.70 percent per annum with monthly rests. This new IBR shall be applicable from January 18, 2016.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.