Specialized Financial Institutions in India make an important segment amongst all the financial institutions in India. The Indian financial institutions are governed under the regulations of both the state and central governments.
The governments on the other hand use them in structuring the planning and development of the country.
With the help of these financial institutions, the government takes up projects and tasks in order to enhance the overall economic scenario of the country. Depending on the economic importance of the financial organizations, all the financial institutions of India can be divided under following categories:
- Specialized Financial Institutions in India
- All-India Development Banks
- State-level institutions
- Investment Institutions
- Other institutions
In India there are specialized financial institutions in all levels. Both in the Central and State level there are a wide variety of financial institutions offering various financial services. The specialized financial institutions in India are not only committed to offer financial services to its clients but are also devoted to attain certain missions in the steps of economic development of the country. Some of the major financial institutions of India such as the Industrial Finance Corporation of India, Industrial Development Bank of India, ICICI and Export Import Bank of India are the specialized financial institutions in India that work both in the state level and central level.
Apart from these top-listed financial institutions, there are other financial institutions also that offer specialized financial services to its clients. These financial institutions are generally devoted to serve some specific domains such as: small and medium scale industries, sick-industries, housing, agriculture, railways, shipping, power, roads and others. Small and medium scale business and agriculture are the two domains for which these specialized financial institutions have come up with various financial products and services.
Specialized financial institutes like Export Credit Guarantee Corporation of India Ltd and Export Import Bank of India (EXIM) also offer special financial services to help the exporters with their business. Apart from offering financial products, these institutions also provide guarantee products to the export companies.