RBI ALLOWS BANKS, NBFCS TO SET UP INFRA DEBT FUNDS
The Reserve Bank of India (RBI) issued guidelines to allow banks and Non-Banking Financial Companies (NBFCs) to Sponsor Infrastructure Debt funds (IDFs) to support long-term finance in infrastructure. Sponsor Infrastructure Debt funds (IDFs) may be set up either as mutual funds or Non-Banking Financial Companies (NBFCs). According to the guidelines, Non-Banking Financial Companies (NBFCs) trying to set up Sponsor Infrastructure Debt funds (IDFs) should have been
operational for at least five years, should have minimum net owned funds of Rs 300 crore and a capital adequacy ratio of 15 per cent. Besides, its net non-performing assets should be less than three per cent of net advances. Reserve Bank of India (RBI) also said that it should also have earned profits for the last three years.
operational for at least five years, should have minimum net owned funds of Rs 300 crore and a capital adequacy ratio of 15 per cent. Besides, its net non-performing assets should be less than three per cent of net advances. Reserve Bank of India (RBI) also said that it should also have earned profits for the last three years.
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