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ICRA Limited (an Associate of Moody's Investors Service) was incorporated in 1991 as an independent and professional company. ICRA is a leading provider of investment information and credit rating services in India. ICRA's major shareholders include Moody's Investors Service and leading Indian financial institutions and banks.

IDFC's mission is to be the financier and advisor of choice for infrastructure in India. IDFC is positioned as a special financial institution which is focused on project finance and investment banking activities in infrastructure. Going forward, IDFC will focus on establishing stable fee revenues from innovative infrastructure initiatives in financial markets, asset management, project development and advisory along with growing its balance sheet at a significant pace.

The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament. It was initially set up as a wholly owned subsidiary of the Reserve Bank of India (RBI) with a mandate of providing credit and other facilities for balanced industrial development. In 1976, the ownership of IDBI was transferred to the Government of India and it was accorded the status of principal financial institution in the country for co-ordinating the working of institutions, engaged in financing, promoting and developing industry, and also assisting in the development of such institutions. Following amendment to IDBI Act in October 1994 to permit public ownership up to 49% of its issued capital, IDBI went in for a public issue in July 1995. The shareholding of Government of India in IDBI currently stands at 58.47%.

At the time of independence in 1947, India's capital market was relatively under-developed. Although there was significant demand for new capital, there was a dearth of providers. Merchant bankers and underwriting firms were almost non-existent and commercial banks were not equipped to provide long-term industrial finance in any significant manner. It is against this backdrop that the government established The Industrial Finance Corporation of India (IFCI) on July 1, 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector. The newly-established DFI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates.

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