1. The financial institutions in India can be broadly classified into three categories: 1. ==All-India Financial Institutions (AIFIs)== 2. State level institutions 1. State Financial Corporations (SFCs) and 2. State Industrial Development Corporations (SIDCs) 3. Other institutions 1. [[Exports & The RBI#^d9f182|Export Credit Guarantee Corporation of India (ECGC) Ltd]]. 2. Deposit Insurance and Credit Guarantee Corporation (DICGC). ## AIFIs 1. The AIFIs financial institutions in India can be broadly classified into 4 categories on the basis of functions and activities: 1. All-India development banks: 1. SIDBI (1990), 2. ~~Industrial Finance Corporation of India (IFCI)~~ to Industrial Finance Corporation of India Limited-[IFCI Ltd.](https://financialservices.gov.in/beta/en/page/industrial-finance-corporation-india-ifci)(1948)-*lending operations discontinued from 2018* , 3. ~~Industrial Development Bank of India-IDBI (1964) to IDBI (2004)~~, 4. ~~IRCI(1971) to Industrial Investment Bank of India (IIBI) Ltd.-IIBI(1997)~~, 5. ~~Infrastructure Development Finance Company (IDFC) Ltd.-IDFC (1997) to , IDFC FHCL(2014) and merged with IDFC First Bank(2024)~~. 2. Specialised financial institutions (AISFI) 1. RCF(1975) to RCTC(1988) to IFCI Venture Capital Fund Limited-IVCF (2000), 1. Post 2000, it came under SEBI (VCF Regulations, 1996), and later under SEBI (AIF) Regulations, 2012. 2. EXIM Bank(1982), 3. ~~TDICI (1988) to ICICI Venture (1998)~~, 4. Tourism Finance Corporation of India-TFCI (1989) 3. Investment institutions: 1. ~~UTI (1964)~~, 2. LIC (1956) 3. GIC & subsidiaries (1972) 1. Both LIC and GIC are regulated and supervised by the Insurance Regulatory and Development Authority of India (IRDAI) 4. Refinance institutions 1. NABARD (1982), 2. NHB (1980) 2. AIFIs are also part of the Non-Banking Financial Institutions (NBFIs). 3. This chart shows the NBFIs under the Reserve Bank’s Regulation as on March 31, 2024. ![[RBI_Image_20241226_NBFIs under the Reserve Bank’s Regulation as on March 31, 2024..png|500]] Source - [Report](https://rbi.org.in/Scripts/AnnualPublications.aspx?head=Trend%20and%20Progress%20of%20Banking%20in%20India) on Trend and Progress of Banking in India 2023-24 | [[RBI_Report_20241226_Report on Trend and Progress of Banking in India 2023-24.pdf|pdf]] ### AIFIs regulated by the RBI 1. ==As of Nov-2025, only 5 of the AIFIs are regulated and supervised by RBI==. 2. For regulatory and supervisory purposes, they are also classified as: 1. Term Lending Institutions 1. Export-Import Bank of India (EXIM Bank) 2. Refinance Institutions 1. National Bank for Agriculture and Rural Development (NABARD), 2. National Housing Bank (NHB), 3. Small Industries Development Bank of India (SIDBI), 4. National Bank for Financing Infrastructure and Development (NaBFID). 1. On [March 9, 2022](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=53392), RBI had announced that NaBFID will be regulated and supervised by RBI as an All India Financial Institution (AIFI) under the RBI Act, 1934.## Structure of Non-Banking Financial Institutions (NBFIs) 3. Some of these [[All India Financial Institutions (AIFI)|AIFIs]] in turn regulate and/or supervise other institutions in the financial sector, viz., 1. Regional Rural Banks (RRBs), and Central and State Cooperative Banks are supervised by the RBI through NABARD; 1. [[Types of Banks#^f3c1ee|Regulations of co-operatives in India]] 2. State Financial Corporations (SFCs) by SIDBI (earlier by Industrial Development Bank of India-IDBI) 3. Housing Finance Companies (HFCs) by National Housing Bank (NHB). 1. [HFCs](https://www.nhb.org.in/supervision/list-of-hfcs-in-india/) are supervised by NHB while, since July 2019, regulation of HFCs is with RBI. ## References 1. [Master Direction](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10461&Mode=0) - Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosure and Reporting) Directions, 2016 (Updated as on July 03, 2025) 2. RBI. *Report on Trend and Progress of Banking in India, 2003-04. CHAPTER V- Financial Institutions* [Link](https://rbi.org.in/upload/Publications/PDFs/58849.pdf) 3. Department of Financial Services, Ministry of Finance, Government of India. *Public Financial Institutions*. Retrieved January 12, 2026 from [Link](https://financialservices.gov.in/beta/en/page/industrial-finance-corporation-india-ifci#:~:text=Financial%20Inclusion-,Public%20Financial%20Institutions,-India%20Infrastructure%20Finance)