Corporate Affairs Ministry(MCA) has notified the National Bank for Financing Infrastructure and Development (NaBFID) as a ‘Public Financial Institution’ under Company law.
The latest MCA move to confer PFI status to NaBFID would bring several benefits to this institution under the Company Law, Income Tax law, SARFAESI law etc, said informed sources
NaBFID was set up as a Development Finance Institution (DFI) under the National Bank for Financing Infrastructure and Development Act 2023. NaBFID had commenced its commercial operations with effect from December 29, 2022. It was set up to support the development of long-term non-recourse infrastructure financing in India, including development of bonds and derivatives markets necessary for infrastructure financing.
NaBFID expects its total sanctions loan book to touch ₹2 lakh crore by March 2025, while disbursements are likely to be around ₹ 1 lakh crore.