Representative image: Rajkiran Rai, Chairman, National Bank for Infrastructure Finance and Development (NaBFID) | Credit: company website
The government has notified the National Bank for Infrastructure Finance and Development (NaBFID) as a public financial institution under the Companies Act.
This will help the government strengthen the country’s infrastructure financing structures.
In a notification issued on September 10, the Ministry of Corporate Affairs said that in exercise of the powers under Section 2 of the Companies Act, 2013, the central government, in consultation with the Reserve Bank of India, hereby notifies the National Bank for Infrastructure Finance and Development as a “public financial institution.”
The move will increase the bank’s ability to finance large-scale infrastructure projects, thereby boosting the development of the country’s infrastructure.
NaBFID, a specialized development finance institution (DFI), was established in 2021 by legislation (National Bank for Infrastructure and Development Finance Act, 2021).
The Bank was established with the core objectives of addressing gaps in long-term non-recourse financing for infrastructure development, strengthening the development of bond and derivatives markets in India, and sustainably boosting the country’s economy.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 12, 2024 | 20:06 IS
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