4A. Public financial institutions
(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;
(ii) the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948;
(iii) the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964;
(iv) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956;
(v) the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963;
(vi) the Infrastructure Development Finance Company Limited, a company formed and registered under this Act.
(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.