NaBFID to be regulated as AIFI under RBI Act

The Reserve Bank on Tuesday said NaBFID will be regulated and supervised as an All India Financial Institution by it under the RBI Act, 1934.The National Bank for Financing Infrastructure and Development NaBFID Act, 2021, received the assent of the President on March 28, 2021. It shall be the fifth AIFI after EXIM Bank, NABARD, NHB and SIDBI, said the apex bank.

The Reserve Bank on Tuesday said NaBFID will be regulated and supervised as an All India Financial Institution by it under the RBI Act, 1934.

The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021, received the assent of the President on March 28, 2021. It came to force with effect from April 19, 2021. Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India, the RBI said in a release on Wednesday.

''NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI) by the Reserve Bank under Sections 45L and 45N of the Reserve Bank of India Act, 1934,'' it said. It shall be the fifth AIFI after EXIM Bank, NABARD, NHB and SIDBI, said the apex bank.

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