IFCI has reduced its Benchmark Rate ‘IFCI Benchmark Rate (IBR)’ from 10.75% per annum to 10.20% per annum (p.a.) with monthly rests. This new IBR shall be applicable from April 13, 2017.
The company has also changed its Short term Benchmark Rate (IBR-ST) from 8.35% per annum to 8.80% per annum with monthly rests with effect from April 13, 2017.
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.