IFCI has received an approval to submit an application to Reserve Bank of India (RBI) for obtaining the Banking License, based on the Reserve Bank of India Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013 and the associated clarifications issued by RBI in this regard. The board of directors of the company at its meeting held on June 27, 2013 has approved for the same.
IFCI is engaged in providing corporate loans and project-specific loans to corporate. In addition, IFCI also invests in companies through equity, preference shares and debt instruments.
The company has reported a fall of 31.61% in its net profit at Rs 149.94 crore in Q4FY13 as compared to net profit of Rs 219.25 crore in the same quarter previous year. Total income of the company has decreased by 8.25% to Rs 735.38 crore as compared to Rs 801.48 crore in corresponding quarter last year.
