During President Rule in Dec 1968 the then honorable Governor, in view of the paucity of institutional investment, felt the necessity of establishing an organization which could coordinate various administrative departments/public cooperative institutions for mobilization of funds for their projects and development programs. Accordingly in the beginning an "Institutional Finance Cell" was set up in Feb. 1969 under Department of Finance which was later converted to a full time independent Department vide Govt. order dated 3.8.1972 under which this Directorate was constituted.
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Further to effecttively monitor and coordinate various schemes for the welfare of weaker sections and various social security group insurance schemes at state level the name of Directorate of Institutional Finance was changed to "Directorate of Institutional Finance and Sarvahit Beema" U.P. vide order- S.R. – 107/ten-90-212[15]/88 dated 11 Jan. 1990. At the field level 6 regional offices of this Directorate were set up at Varanasi, Meerut, Kanpur, Prayagraj, Agra and Gorakhpur. The Department has been restructured as Directorate of Institutional Finance, Insurance and Externally aided project vide govt. Order -26(B)/Ka.Ni-6-2015-98(75/2000) T.C Dated 30 January 2015.
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To act as forum for coordination among central financial institutions/ commercial banks and Government Departments & Public/Co-operative regional institutions & to assist executive/administrative departments in the implementation of various welfare programmes/ employment oriented schemes.
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To help formulate bankable credit schemes for the weaker section in view of providing them with resources for employment and to declare these schemes as State sponsored under U.P. Public Money (Recovery of dues) Act.
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To help in formulating annual credit plans under service area approach through lead banks for the economic development of the districts and to continuously monitoring of the financing under annual credit plan to ensure overall development of State.
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To coordinate with the RRB’s at State Level and monitoring of their programmes.
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To provide guidelines to Institutional Finance consultative Committees set up at district/divisional level and remove problems raised at these fora.
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To monitor credit deposit ratio of banks and to deal with the public grievances received with regard to bank finance.
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To assist banks in recovery of their dues under recovery certificates & also assist to the rescheduling of bank’s loans in case of emergent cases/circumstances/Natural Calamities.
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To raise policy matters with regard to institutional finance with RBI, NABARD and Government of India and provide for a solution.
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To monitor and follow-up social security schemes and to give advise to concerned insurance companies/executive to make it simple and practical.
