What is a Public Financial Institutions

According to Section 2(72) a 'Public Financial Institution' means

1. The Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956.
2. The Infrastructure Development Finance Company Limited under Section 4A of Companies Act, 1956 so repealed under section 465 of this Act. 
3. Specified company referred to in the Unit Trust of India Act, 2002.
4. Institution referred by the Central Government under section 4A of Companies Act, 1956 so repealed under section 465 of this Act.
5. Such other institution as may be notified by the Central Government in consultation with Reserve Bank of India.

Which institution are illegible for notification by Central Government

No institution shall be notified unless;

• It has been established or constituted by or under any central or state Act; or
• Not less than fifty-one percent of its paid up capital is held by Central Government or by State Governments or partly by Central Government and partly by State Governments.