IFCI has reduced its Short term Benchmark Rate (IBR-ST) from 9.30% per annum to 8.50% per annum with monthly rests for lending for tenure upto 3 months only with the effect from October 17, 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.