ICICI Bank gets RBI’s nod to set up Infrastructure Debt Fund

25 Feb 2012 Evaluate

Reserve Bank of India (RBI) has given its approval to ICICI Bank for setting up Debt Fund the country’s first Infrastructure (IDF). The fund would supply to the country’s fast growing infrastructure sector, which requires investments worth $1 trillion in the 12th Five-Year Plan period (2012-17). Out of the total amount, around 50 percent is expected to come from the private sector.

As per norms, the bank would have to set up a non-banking finance company to float the IDF. An IDF may be set up either as a trust or company. While the trust-based IDF (Mutual Fund) would be regulated by Security Exchange Board of India (SEBI), an IDF set up as a company (NBFC) would be regulated by RBI.

ICICI Bank has over 2500 branches and over 8000 ATM’s spread across the country. Services are offered through multi-channel delivery network of branches, ATMs, call centers and Internet banking to ensure that customers have access to its services at all times.

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