Introduction
A financial institution is an organization that channels different financial transactions including investments, loans and deposits. This is an important topic for General Awareness section of different competitive exams.
Institutions
Financial Institutions are an integral part of human life. Financial Institutions are interacted with on a regular basis in the form of depositing money, borrowing loans, exchanging currencies among other activities. There are different types of financial institutions as shown below.
- Depository Institutions – deposit taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies.
- Contractual Institutions – insurance companies and pension funds.
- Investment Institutions – investment banks, underwriters, brokerage firms.
Abbreviations
| S.No. | Abbreviations | Expansions |
|---|---|---|
| 1 | DFHI | Discount and Finance House of India Ltd. |
| 2 | EXIM Bank | Export – Import Bank of India |
| 3 | GIC | General Insurance Corporation of India |
| 4 | HUDCO | Housing and Urban Development Corporation Ltd. |
| 5 | IDBI | Industrial Development Bank of India |
| 6 | IDFC | Infrastructure Development Finance Co. Ltd. |
| 7 | IFCI | Industrial Finance Corporation of India |
| 8 | IRBI | Industrial Reconstruction Bank of India |
| 9 | IREDA | Indian Renewable Energy Development Agency Ltd. |
| 10 | IRFC | Indian Railways Finance Corporation Ltd. |
| 11 | LIC | Life Insurance Corporation of India |
| 12 | NABARD | National Bank for Agriculture and Rural Development |
| 13 | NHB | National Housing Bank |
| 14 | PFC | Power Finance Corporation Ltd. |
| 15 | RCTC | Risk Capital and Technology Finance Corporation Ltd. |
| 16 | REC | Rural Electrification Corporation Ltd. |
| 17 | SCICI | Shipping Credit and Investment Company of India Ltd. |
| 18 | SIDBI | Small Industries Development Bank of India |
| 19 | STCI | Securities Trading Corporation of India Ltd. |
| 20 | TDICI | Technology Development and Information Company of India Ltd. |
| 21 | TFCI | Tourism Finance Corporation of India Ltd. |
| 22 | UTI | Unit Trust of India |