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8. The Karnataka State Financial Corporation is a financial corporation established for the State of Karnataka under the State Financial Corporations Act. Its object is the rendering of financial assistance to industrial concerns which might have been engaged or may be engaged in the manufacturing, preservation or processing of goods or in mining or in the hotel industry or in the transport of passengers or goods by road or by water or in the generation or distribution of electricity or any other form of power or in the development of contiguous areas of land as an industrial estate, obviously for encouraging the growth of industry needed in the economic progress of the country. Finances needed for rendering such assistance are mainly those got from the State Government, the Reserve Bank, scheduled banks, insurance companies and other financial institutions. Section 29 of the Act which provides for recovery of monies owed to the Financial Corporation concerned from the industrial concern which commits default in repayment reads thus :