By IANS,
New Delhi : Term lender Infrastructure Development Finance Company (IDFC) Thursday said the Reserve Bank of India has classified it as a “infrastructure finance company”.
The move is expected to help IDFC mobilise funds at cheaper rates and provide more flexibility in its lending to infrastructure projects.
“IDFC has been classified by the Reserve Bank of India as Infrastructure Finance Company within the overall classification of non-banking finance company (NBFC),” said the company in a regulatory statement.
The RBI has carved out a separate segment for financing of infrastructure projects from the NBFC group to remove the lending limits applicable to the latter type of institutions.
IDFC scrip closed 1.1 percent higher on the Bombay Stock Exchange (BSE) at Rs.170.25.