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Finance Minister Nirmala Sitharaman on Monday introduced the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 in the Lok Sabha to pave the way for setting up a government-owned DFI to fund infrastructure projects.
The Cabinet had last week approved a Budget proposal of setting up a Development Finance Institution (DFI), which will have tax benefits to enable fund-raising from investors.
The National Bank for Financing Infrastructure and Development will be set up with a corpus of ₹20,000 crore and the government will give an initial grant of ₹5,000 crore.
The Centre expects the DFI to leverage the fund to raise up to ₹3-lakh crore in the next few years.
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