{"id":246428,"date":"2021-04-02T16:53:46","date_gmt":"2021-04-02T11:23:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246428"},"modified":"2021-04-02T16:53:46","modified_gmt":"2021-04-02T11:23:46","slug":"national-bank-for-financing-infrastructure-and-development-act-2021-receives-presidents-assent","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/02\/national-bank-for-financing-infrastructure-and-development-act-2021-receives-presidents-assent\/","title":{"rendered":"National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent"},"content":{"rendered":"<p style=\"text-align: justify;\">The National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent on March 28, 2021. The Act seeks to establish the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India. The salient features of the Act are discussed below.<\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000080;\"><strong>Establishing NaBFID:<\/strong> <\/span>The National Bank for Financing Infrastructure and Development will be established as a Development Financial Institution (DFI) for infrastructure financing. The authorised share capital of the Institution shall be one hundred thousand crore rupees divided into ten thousand crores of fully paid-up shares of ten rupees each. Shares of the Institution may be held by the Central Government, multilateral institutions, sovereign wealth funds, pension funds, insurers, financial institutions, banks etc.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000080;\"><strong>Purpose of NaBFID: <\/strong><\/span>The developmental objective of the Institution shall be to coordinate with the Central and State Governments, regulators, financial institutions, institutional investors and such other relevant stakeholders, in India or outside India, to facilitate building and improving the relevant institutions to support the development of long-term non-recourse infrastructure financing in India including the domestic bonds and derivatives markets.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The financial objective of the Institution shall be to lend or invest, directly or indirectly, and seek to attract investment from private sector investors and institutional investors, in infrastructure projects located in India, or partly in India and partly outside India, with a view to foster sustainable economic development in India.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>Key Functions:<\/strong> <\/span>(i) form and manage subsidiaries or joint ventures or branches, in India or outside India; (ii) co-ordinate its operations in the field of infrastructure finance and maintain expert staff to study problems relating to infrastructure finance and be available for consultation to the Central Government, the Reserve Bank and the other institutions engaged in the field of infrastructure finance; (iii) set up trusts under the Indian Trusts Act, 1882 for establishment of funds for such nature as would assist in financing of infrastructure projects located in India; (iv) support the development of a deep and liquid market for bonds, loans and derivatives (v) lend and invest in infrastructure projects located in India, or partly in India and partly outside India; (vi) extend loans and advances for the purposes of providing financial assistance; (vii) take over or refinance existing loans extended by a lender for infrastructure projects located in India, or partly in India and partly outside India; (viii) transfer loans and advances granted by it, with or without the securities, to trusts, for consideration; (ix) set aside loans or advances held by the Institution and issue and sell securities based upon such loans or advances so set aside in the form of debt obligations, trust certificates of beneficial interest or other instruments, by whatever name called, and act as a trustee for the holders of such securities; (x) assign securities issued to the Institution; etc.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>Government grants:<\/strong><\/span> The Central Government may support the Institution through grants in the form of cash or marketable Government securities for upto five thousand crore rupees. The Government shall prescribe a concessional rate of fees, not exceeding 0.1 per cent at which Government guarantee may be extended to the Institution for borrowings from multilateral institutions, sovereign wealth funds, and such other foreign institutions as may be prescribed. Hedging costs in connection with any borrowing of foreign currency by the Institution for the purposes of granting loans and advances or its repayment, to insulate the Institution from any fluctuations in the rates of exchange, may be reimbursed by the Central Government in part or in full.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>Setting up of other development financial institution:<\/strong><\/span> The Act provides for any person to set up a DFI by applying to Reserve Bank of India. RBI may grant a licence for DFI in consultation with the central government. RBI will also prescribe regulations for these DFIs.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent on March 28, 2021. The Act seeks to establish <\/p>\n","protected":false},"author":121,"featured_media":246436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-246428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/02\/national-bank-for-financing-infrastructure-and-development-act-2021-receives-presidents-assent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent\" \/>\n<meta property=\"og:description\" content=\"The National Bank For Financing Infrastructure And Development Act, 2021 receives President\u2019s assent on March 28, 2021. 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During this Session a total of 20 Bills (17 in Lok Sabha and 03 in Rajya Sabha) were introduced. 18 Bills were passed by Lok Sabha and 19 Bills were passed\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-65.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":260916,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/31\/national-bank-for-financing-infrastructure-and-development-general-rules-2022\/","url_meta":{"origin":246428,"position":1},"title":"National Bank for Financing Infrastructure and Development General Rules, 2022","author":"Bhumika Indulia","date":"January 31, 2022","format":false,"excerpt":"On January 28, 2022, the Central Government notifies National Bank for Financing Infrastructure and Development General Rules, 2022. Key points: Term of office of Chairperson and other directors: The Chairperson and the Managing Director, every Deputy Managing Director and every other director who is other than a director nominated by\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":265600,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/19\/cbdt-notifies-nbfid-under-section-1048d-of-income-tax-act-1961\/","url_meta":{"origin":246428,"position":2},"title":"CBDT notifies NBFID under section 10(48D) of Income Tax Act, 1961","author":"Bhumika Indulia","date":"April 19, 2022","format":false,"excerpt":"On April 18, 2022, the Central Government in exercise of the powers conferred by clause (48D) of section 10 of the Income-tax Act, 1961 has notified that the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":258020,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/02\/certain-provisions-of-national-bank-for-financing-infrastructure-and-development-act-2021-comes-into-from-nov-30-2021\/","url_meta":{"origin":246428,"position":3},"title":"Certain provisions of National Bank for Financing Infrastructure and Development Act, 2021 comes into from Nov 30, 2021","author":"Prachi Bhardwaj","date":"December 2, 2021","format":false,"excerpt":"The Ministry of Finance has notified November 30, 2021, as the date on which the provisions of section 15 and 24 of National Bank for Financing Infrastructure and Development Act, 2021 shall come into force. The sub-sections (1), (2), (4) and (5) of section 15 shall come into force from\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":247398,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/20\/banks-board-bureau-notified-as-the-bureau-for-recommending-candidates-under-national-bank-for-financing-infrastructure-and-development-act\/","url_meta":{"origin":246428,"position":4},"title":"Banks Board Bureau notified as the Bureau for recommending candidates under National Bank for Financing Infrastructure and Development Act","author":"Bhumika Indulia","date":"April 20, 2021","format":false,"excerpt":"The Central Government notifies Banks Board Bureau, an autonomous body of the Government of India, as the Bureau for the purpose of recommending candidates for appointment of Managing Director and Deputy Managing Directors under section 6(1) and for removal of a director under section 11 (1) (ii) of the National\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":258054,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/03\/national-bank-for-financing-infrastructure-and-development-removal-of-difficulties-order-2021\/","url_meta":{"origin":246428,"position":5},"title":"National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021","author":"Bhumika Indulia","date":"December 3, 2021","format":false,"excerpt":"The Central Government hereby makes National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021. It shall come into force from the date of its publication in the Official Gazette. In the National Bank for Financing Infrastructure and Development Act, 2021, in section 15, in sub-section (1), the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=246428"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246428\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/246436"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=246428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=246428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=246428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}