The Industrial Development Bank of India (IDBI) was the first institution to be established in 1964. It was set up by the Government of India to provide financial assistance to industrial projects in the country. The IDBI is a wholly-owned subsidiary of the Ministry of Finance, Government of India. It is the largest development financial institution in India and has a network of over 100 branches and offices across the country.
The Unit Trust of India (UTI) was established in 1964 as the first mutual fund in India. It was set up by the Government of India to provide a convenient and affordable way for small investors to participate in the stock market. The UTI was a joint venture between the Government of India, the Life Insurance Corporation of India, and the State Bank of India. It was the largest mutual fund in India until it was split into two separate entities in 2003.
The Industrial Finance Corporation (IFCI) was established in 1948 as the first specialized financial institution in India to provide financial assistance to industrial projects. It was set up by the Government of India in collaboration with the World Bank. The IFCI is a wholly-owned subsidiary of the Government of India. It is a development financial institution that provides financial assistance to industrial projects in the country.
The Industrial Credit and Investment Corporation of India (ICICI) was established in 1955 as a private sector financial institution. It was set up by a group of leading Indian industrialists to provide financial assistance to industrial projects in the country. The ICICI is the largest private sector financial institution in India. It is a multinational financial services group with a presence in over 19 countries.
The correct answer is A. Industrial development bank of India (IDBI).