IFCI has decided to discontinue operations of Regional Offices at Bhubaneswar, Kochi, Lucknow, Raipur and Vijayawada by May 17, 2017. The board of directors at its meeting has approved for the same.
Further, all businesses of Regional Offices at Bhubaneswar, Kochi, Lucknow, Raipur and Vijayawada will be transferred and merged with Kolkata, Chennai, Delhi, Mumbai and Hyderabad Regional Offices, respectively for business development and monitoring of existing cases with effect from May 18, 2017 onwards.
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.