FinMin proposes DFI tag for IIFCL to support long term financial needs

IIFCL is a government-owned entity, which is registered as a non-deposit accepting loan company with the Reserve Bank of India.

The finance ministry has proposed giving the ‘development finance institution’ (DFI) tag to India Infrastructure Finance Company Limited (IIFCL) in a bid to support long-term financial needs of infrastructure projects.

“The department of financial services (DFS) has prepared a Cabinet note to give DFI status to IIFCL. The proposal being discussed will require the approval of Parliament as a Bill will be introduced to effect the change,” a finance ministry official said, requesting anonymity.

DFS Secretary Debasish Panda didn’t respond to queries from Business Standard.

IIFCL is a government-owned entity, which is registered as a non-deposit accepting loan company with the Reserve Bank