The Union Cabinet today approved the proposals to bring India Infrastructure Finance Company Ltd. (IIFCL) under regulatory oversight of Reserve Bank of India[1], to enhance its professional capability and to increase its capital base.
The details are as follows:
1.IIFCL to be brought under the regulatory oversight of RBI by registering it as an Non-Banking Finance Company– Infrastructure Finance Company ( NBFC-IFC).
2.To increase the authorized capital of IIFCL from Rs.2000 crore to Rs.5000 crore with a proviso that it may be further increased to Rs.8000 crore with the approval of the Finance Minister.
3.To broad base the Board of IIFCL.
4.Once IIFCL is brought under regulatory oversight of RBI, to dispense with the Oversight Committee.
5.To modify the Scheme for Financing Viable Information Projects (SIFTI).
source:pib.nic.in category:business
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[1]Reserve Bank of India was established on 1 April 1935
