President Ram Nath Kovind on Sunday gave assent to a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India. The National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 was passed in Rajya Sabha by voice vote on Thursday. The bill was approved in Lok Sabha on March 23, 2021.
The bill seeks to establish the National Bank for Financing Infrastructure and Development to support the development of long-term non-recourse infrastructure financing in India including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith or incidental thereto.
The DFI (Development Finance Institution), called the National Bank for Financing Infrastructure and Development (NaBFID), will be answerable to Parliament.
Replying on the bill in the House, Finance Minister Nirmala Sitharaman explained that the five years” tax break to the DFI or NaBFID is given so that more funds flow to it.
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