Correct Option
The correct chronological sequence of the establishment of these financial institutions is 1, 2, 3, 4.
- Industrial Finance Corporation of India (IFCI) was established in 1948. It was the first development finance institution in India, primarily providing long-term finance to the industrial sector.
- Industrial Credit and Investment Corporation of India (ICICI) was established in 1955. Its objective was to provide medium and long-term project financing to private sector industries.
- Industrial Development Bank of India (IDBI) was established in 1964. Initially, it functioned as a wholly-owned subsidiary of the Reserve Bank of India, later becoming an autonomous principal financial institution for coordinating the activities of other development finance institutions.
- National Bank for Agriculture and Rural Development (NABARD) was established in 1982. It serves as an apex development bank facilitating credit for agriculture and other economic activities in rural areas.
Incorrect Options
- Option B is incorrect because it places ICICI (1955) before IFCI (1948).
- Option C is incorrect as it begins with IDBI (1964), which was established later than both IFCI (1948) and ICICI (1955).
- Option D is incorrect because it starts with NABARD (1982), which was the last among the given institutions to be established.