1. Industrial Investments Bank of India Ltd (IIBIL) was established in 1971 as the Industrial Reconstruction Corporation of India to provide financing to sick industries, with its entire share capital owned by the Government of India. 2. Over time, IIBIL took on additional roles like providing term loans for project financing, working capital assistance, and investing in capital markets. It saw remarkable growth in the late 1990s but then began declining in the early 2000s. 3. By the mid-2000s, IIBIL was in a critical financial position with losses, and despite efforts to merge it with other banks or continue operating on a smaller scale, the government ultimately announced its closure in 2012 after 22 years