RBI, the leader of the financial system, was established as a private institution in 1935. It was nationalized in 1949. This was followed by the nationalization of the Imperial Bank of India . One of the milestones in India's economic growth was the nationalization of 245 life insurance companies in 1956. Accordingly, the Life Insurance Corporation of India came into existence on 1 September 1956. Another important development was the nationalization of 14 large trading companies. banks in 1969. In 1980 another 6 banks were nationalized. Another milestone was the nationalization of general insurance and the creation of the General Insurance Corporation in 1972. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay Another milestone in the history of development of the Indian financial system is the creation of new financial institutions to provide institutional credit to industries. In 1949, the RBI undertook a detailed study to find out the need for specialized institutions. The first development bank was established in 1948. It was the Industrial Finance Corporation of India (IFCI). In 1951, Parliament passed the Law on State Financial Companies. Under this law, state governments could establish financial companies for their respective regions. The Industrial Credit and Investment Corporation of India (ICICI) was established in 1955. It was supported by the Government of India, World Bank, etc. The UTI was established in 1964 as a public sector institution to collect people's savings and make them available for productive ventures. Industrial Development Bank of India (IDBI) was established on 1 July 1964 as a wholly owned subsidiary of the RBI. On February 16, 1976, the IDBI was de-linked from the RBI. It has become an independent financial institution. Coordinates the activities of all other financial institutions. In 1971, the IDBI and LIC jointly established the Industrial Reconstruction Corporation of India with the main objective of reconstruction and rehabilitation of ailing industrial enterprises. IRCI was converted into a statutory company in March 1985 and renamed Industrial Reconstruction Bank of India. Now its new name is Industrial Investment Bank of India (IIBI). The Export-Import Bank of India (EXIM Bank) was established in 1982 to provide financial assistance to exporters and importers. Small Industries Development Bank of India (SIDBI) was established on 2 April 1990 as a wholly owned subsidiary of IDBI. SIDBI has taken over the responsibility of administering the Small Industries Development Fund and the National Equity Fund. In 1963, the RBI established the Agricultural Refinancing and Development Corporation (ARDC) to provide refinancing support to banks for financing large development projects, small-scale irrigation activities, agricultural mechanization, land development, etc. To meet the credit needs of agriculture and rural sector, National Bank for Agriculture and Rural Development (NABARD) was established in 1982. The main objective of establishing NABARD is to extend short term, medium and long term financing for agriculture and allied activities. The National Housing Bank (NHB) was established in July 1988 as an apex institution to mobilize resources for the real estate sector and promote housing finance institutions. 5. Establishment of Stock Holding Corporation of India (SHCIL): In 1987, another institution, Stock Holding Corporation of India Ltd., was created to strengthen the stock and capital markets in India. His goal.