IFCI will shut down its Chandigarh Regional Office with effect from April 1, 2018. Earlier, the board of director of the company had decided to close Chandigarh Regional Office with effect from November 01, 2017 and transfer all businesses of Chandigarh Regional Office to Delhi Regional Office (Zonal) in New Delhi.
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.