The Rajya Sabha adjourned sine die on Thursday after passing the the National Bank for Financing Infrastructure and Development Bill. Chairman Venkaiah Naidu said the functioning of the House, during the second lap of the budget session, was overall productive.
Earlier, replying to a debate on the Bill, Union Finance Minister Nirmala Sitharaman said the new law will establish a statutory institution, the National Bank for Financing Infrastructure and Development to support the development of long-term infrastructure financing in India and to carry on the business of financing infrastructure. She said it will invite more investment, both foreign and domestic, to the country.
Sitharaman said the new Bill is to enable the Centre, multilateral institutions, sovereign wealth funds and such other institutions to hold equity in the NBFID. She claimed that the new institution will provide financial assistance to infrastructure projects located in India, or partly in India and partly outside India.
She said the Bill provides for the NBFID to borrow or raise money by way of loans or otherwise, both in rupees and foreign currencies. It will also ensure adequate safeguards for decision making to address risk aversion.
Rajya Sabha also gave farewell to retiring MPs from Kerala Vayalar Ravi, KK Ragesh and Abdul Vahab.