Dedicated Bank System May introduced in Union Budget 2021

Finance Minister Nirmala Sitharaman will present the Union Budget 2021 in the Lok Sabha on Monday

Union Budget 2021

 Finance Minister Nirmala Sitharaman will present the Union Budget 2021 in the Lok Sabha on Monday, announcing a dedicated bank to finance infrastructural development projects.

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  The proposed bank would be the main financial institution and development bank for building and maintaining the ecosystem of infrastructure projects.

  Similar attempts have been made in the past.  The Industrial Credit and Investment Corporation (ICICI) Bank and the Industrial Development Bank (IDBI) were formed to finance industrial loans.  However, ICICI and IDBI later introduced themselves as fully commercial banks.

 Other important bills include the Pension Fund Control and Development Authority (Amendment) Bill, Mines and Minerals (Development and Control) Amendment Bill, Electricity (Amendment) Bill, Regulation of Cryptocurrencies and Official Digital Currency Bill, and Competition Commission of India (Amendment) Bill.

  Supplier, enabler and catalyst

  The proposed bank will act as a catalyst for infrastructure financing as banks will give the sector a wide path due to the nature of loan default uncertainty year after year and delays around projects