The Industrial Finance Corporation Act, 1948

32B. Benevolent reserve fund.

1. The Corporation shall establish a special fund, to be called the benevolent reserve fund.
2. To the benevolent reserve fund shall be credited

1. any part of the annual profit which may, from time to time, be allocated to the fund;
2. all amounts received for the purposes of the fund by way of loans, gifts, grants, donations or benefactions from Government or any other source;
3. income or profits from investments made from the fund;
4. income accruing or arising to the fund by way of interest or otherwise.

3. The benevolent reserve fund shall be used by the Corporation

1. for meeting the cost of feasibility studies, project reports, market and techno-economic surveys and such other purposes which, in the opinion of the Corporation, may promote the development of industries;

1. Ins. by Act 78 of 1952, s. 21.
2. Second proviso omitted by Act 74 of 1972, s. 18.
3. Subs. by Act 18 of 1964, s. 38 and Sch. II, for s. 32A (w.e.f. 1-8-1964). ins. by Act 78 of 1952, s. 22.
4. Ins. by Act 74 of 1972, s. 19.62C

2. in the field of development banking and in financial and industrial management

1. for undertaking and promoting research;
2. for training in India or abroad of personnel of financial institutions; and
3. for creating chairs in universities, academic institutions and research foundations;

3. for assisting projects promoted by technologists and new entrepreneurs

1. by sub sidising the normal lending rate of interest of the Corporation in respect of loans or advances sanctioned to them;
2. by providing technical and managerial assistance to projects promoted by them especially in less industrially developed regions;

4. for rendering any assistance that may be ancillary or incidental to the aforementioned purposes.]