New Delhi: Parliament on Thursday passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India.
The Rajya Sabha passed the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 by voice vote today.
The institution will be set up as the principal development finance institution (DFI) and development bank to carry on the business of infrastructure financing.
The bill was passed in the Lok Sabha on March 23, 2021. The bill was passed by the lower house of the Parliament through a voice vote after Finance Minister Nirmala Sitharaman replied to Bill’s discussion.
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.
