Amendment status not verified — confirm the current text below against the official source.
(1) Each of the financial institutions specified in this sub-section shall be regarded, for the purposes of this Act, as a public financial institution, namely:-- (i) the Industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913); (ii) the Industrial Finance Corporation of India, established under Section 3 of the Industrial Finance Corporation Act, 1948 ( 15 of 1948); (iii) the Industrial Development Bank of India, established under Section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964); (iv) the Life Insurance Corporation of India, established under Section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956); [(v) specified company referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002;] [(vi) the Infrastructure Development Finance Company Limited, a company formed and registered under this Act.] [x x x x] (2) Subject to the provisions of sub-section (1), the Central Government may, by notification in the Official Gazette, specify such other institution as it may think fit to be a public financial institution: Provided that no institution shall be so specified unless-- (i) it has been established or constituted by or under any Central Act; or (ii) not less than fifty-one per cent of the paid-up share capital of such institution is held or controlled by the Central Government.] Inserted by Act 41 of 1974, Section 3, w.e.f. 01/02/1975. Substituted by Act 58 of 2002, Section 18, for "Unit Trust of India", w.e.f. 17/09/2011. Inserted by Act 21 of 1999, Section 2, w.r.e.f. 31/10/1998. Clause (vii) omitted by Act 30 of 2004, Section 21, w.e.f. 11/11/2004.