The National Bank for Financing Infrastructure and Development Act, 2021

The National Bank for Financing Infrastructure and Development Act, 2021 was passed by the Parliament of India to establish the National Bank for Financing Infrastructure and Development (NBFID) to support the development of long-term non-recourse infrastructure financing in India. The act aims to provide financial assistance to infrastructure projects and attract investments from domestic and foreign sources. The NBFID will act as a Development Financial Institution (DFI) and will have the power to lend, invest, and raise funds from the market. The act also specifies the governance structure, powers, functions, and operations of the NBFID. The act provides for the establishment of a board of directors, a managing director, and other officers of the NBFID. The act also provides for the constitution of an audit committee and a credit committee. The NBFID is required to maintain a reserve fund, and the act specifies the sources of funding for the NBFID.