(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.] [Inserted by Act 21 of 1999, Section 2 (w.r.e.f. 31.10.1998).][* * *] [Inserted by Act 41 of 1974, Section 3 (w.e.f. 1.2.1975).](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.]
