Government considers creating bank with ₹1 lakh Cr equity capital
India is considering a proposal to create a bank to help fund port, road and power projects as Prime Minister Narendra Modi’s administration aims to lift Asia’s third-largest economy out of the recession.
The new entity, likely to be part of the budget announcement in February, may have an equity capital of ₹1 trillion ($13.7 billion), people with knowledge of the matter said, asking not to be identified as the matter isn’t public. The existing India Infrastructure Finance Co., which has a 20 billion rupee corpus, will be merged with the bank, they said.
News Source: Livemint