The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993

The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 was enacted by the Indian Parliament to transfer the undertaking of the Industrial Finance Corporation (IFC) to the Industrial Development Bank of India (IDBI). The IFC was set up in 1948 to provide long-term finance for industrial projects in India. The Act provides for the transfer of all assets, liabilities, and employees of the IFC to the IDBI. The Act also repeals the Industrial Finance Corporation Act, 1948, which was the law that established the IFC. The transfer of the IFC's undertaking to the IDBI was intended to improve the efficiency and effectiveness of industrial financing in India by consolidating the functions of two important financial institutions. The Act came into force on 27th August 1993.