IFCI reduces benchmark lending rate by 50 bps

IFCI has reduced its benchmark lending rate, ‘IFCI Benchmark Rate (IBR)’ by 50 basis points (bps) from 12.70% per annum to 12.20% per annum with monthly rests. This new IBR shall be applicable from May 02, 2014.

IFCI was established with an intention 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.