SIDBI invites bids from consultants to help set up Rs 20,000 cr NaBFID
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Last Updated: Jun 06, 2021, 02:31 PM IST
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Synopsis
The Infra DFI is being established through an Act of Parliament as a statutory body to address market failures that stem from the long-term, low margin and risky nature of infrastructure financing.
PTI
SIDBI on behalf of the government has floated Request for Proposal (RFP) inviting bids from consultants to help set up Rs 20,000 crore DFI called National Bank for Financing Infrastructure and Development (NaBFID) to catalyse investment in fund-starved infrastructure sector.
Parliament in March cleared National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
SIDBI seeks bids from consultants to help set up Rs 20,000 cr NaBFID
Parliament in March cleared National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India
PTI | June 6, 2021 | Updated 17:42 IST
The government expects the DFI to leverage this fund to raise up to Rs 3 lakh crore in the next few years
SIDBI on behalf of the government has floated Request for Proposal (RFP) inviting bids from consultants to help set up RS 20,000 crore DFI called National Bank for Financing Infrastructure and Development (NaBFID) to catalyse investment in fund-starved infrastructure sector.
Commercial banks and urban co-operative banks (UCB) will be allowed to rope in at least two auditors not related to each other and will have to take prior approval of the Reserve Bank of India (RBI) for appointment or reappointment of statutory auditors on an annual basis, the central bank said on Tuesday. “For entities with an asset size of Rs 15,000 crore and above as at the end of previous year, the statutory audit should be conducted under joint audit of a minimum of two audit firms,” the RBI said. Any bank with a balance sheet of less than Rs 15,000 crore can have one statutory auditor. However, in all cases, concurrent auditors cannot be appointed as statutory auditors.
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March 16 2021, 8:46 PM
The Indian government has cleared a proposal to set up a development finance institution, Finance Minister Nirmala Sitharaman said after a cabinet meeting on Tuesday. The plan to set up a DFI was announced in the Union Budget, with an initial capital infusion of Rs 20,000 crore.The DFI will be able to leverage the initial capital to fund projects of up to Rs 3 lakh crore, Sitharaman said. While details of the structure of the DFI are.
The Indian government has cleared a proposal to set up a development finance institution, Finance Minister Nirmala Sitharaman said after a cabinet meeting on Tuesday. The plan to set up a DFI was announced in the Union Budget, with an initial capital infusion of Rs 20,000 crore.