Centre notifies NaBFID as public financial institution

13 Sep 2024 CW Team

The Indian government has officially designated the National Bank for Financing Infrastructure and Development (NaBFID) as a public financial institution under the Companies Act. This step is expected to strengthen the nation's infrastructure financing framework.

In a notification issued on September 10, 2024, the Corporate Affairs Ministry, in consultation with the Reserve Bank of India, exercised its powers under Section 2 of the Companies Act, 2013, to grant NaBFID this status. The move aims to enhance the bank's ability to finance large-scale infrastructure projects, further supporting India's infrastructure development goals.

Established in 2021 under the National Bank for Financing Infrastructure and Development Act, NaBFID was created to fill the gaps in long-term infrastructure financing. Its mission also includes fostering the development of India's bond and derivatives markets while contributing to sustainable economic growth. (ET)

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