Welcome to Daily Banking Digest, your premier source for the latest news and insights on March 01, 2024, focusing on banking, the economy, and finance. Our platform offers a comprehensive overview of the day’s most critical financial stories, market trends, and economic developments. Whether you’re a professional in the financial sector, an investor monitoring market movement, or someone interested in staying informed about the economic landscape, Daily Banking Digest provides reliable, up-to-date information.
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Table of Contents
Phone number spoofing: How to stop this?
Phone spoofing, where scammers manipulate caller ID to display a different number, is a growing problem. Victims face challenges, while educators are calling for bans on phones in classrooms due to the distractions they cause.
Key Points:
Phone Spoofing
- Scammers use software or hardware to manipulate caller ID.
- Spoofed numbers can belong to unsuspecting individuals.
- Victims should assess if their number has been spoofed and take steps to mitigate the impact.
Phone Use in Classrooms
- Students use phones for various distractions, including watching Netflix, gambling, and shopping.
- Teachers complain that parents are often unaware of the extent of phone use in class.
- Educators and experts advocate for banning phones during classes.
FAQs
- Q1. What is Phone spoofing?
- A1. Phone spoofing is a tactic used by scammers to deceive individuals into picking up their calls by manipulating caller ID.
- Q2. What has happened in California?
- A2. In California, a high school teacher has complained about students watching Netflix on their phones during class.
MoSPI reduces no. of GDP estimates, timeline by a year
The Ministry of Statistics and Programme Implementation (MoSPI) has revised the GDP release schedule, reducing the number of estimates from six to five and shortening the timeline for releasing final estimates by one year. The third revised estimate has been eliminated, and the final estimate will now be released nearly two years after the financial year’s end instead of three.
Key Points:
- Number of Estimates Reduced: MoSPI has reduced the number of GDP estimates from six to five.
- Timeline for Final Estimate Shortened: The final GDP estimate will now be released nearly two years after the financial year’s end instead of three.
- Third Revised Estimate Eliminated: The third revised estimate for 2020-21 will be the last estimate for that year, and the second revised estimate will be the final one for 2021-22 onwards.
- Timeline for Earlier Estimates Unchanged: The timeline for releasing the earlier GDP estimates remains the same.
- Second Change to GDP Calendar: This is the second change to the GDP calendar after 2023, when the government introduced a second advance estimate post Budget.
Juice jacking: RBI issues warning against charging mobile phones using public ports.
The Reserve Bank of India (RBI) has issued a warning to mobile phone users against charging their devices using public USB ports due to the risk of “juice jacking,” a cyberattack where hackers infect public charging ports with malware to steal data from connected devices. The RBI emphasizes the importance of protecting personal and financial data and advises users to use personal chargers and trusted power sources.
Key Points:
Juice Jacking: – Juice jacking is a cyberattack where hackers tamper with public USB charging ports to steal data from connected devices. – Incidents have been reported in public spaces such as airports, hotels, and shopping centers.
RBI Warning: – RBI advises against charging mobile phones using public USB ports due to juice jacking risks. – Users should use personal chargers and trusted power sources.
Protection Measures: – Use personal chargers to avoid connecting devices to public USB ports. – Use a virtual private network (VPN) to encrypt data. – Ensure devices have the latest security updates installed.
Cybersecurity Awareness: – RBI emphasizes the importance of cybersecurity vigilance in the digital age. – Users should be cautious about charging devices and conducting financial transactions over public Wi-Fi networks.
Cabinet approves nutrient-based subsidy for P&K fertilisers for kharif season.
The Union Cabinet has approved subsidy rates for phosphatic and potassic (P&K) fertilizers for the upcoming Kharif season (April 1 – September 30, 2024). The subsidy will ensure that farmers continue to receive P&K fertilizers at affordable prices. Additionally, three new fertilizer grades have been included under the nutrient-based subsidy (NBS) scheme to promote balanced soil health and provide farmers with more options.
Key Points:
Subsidy Rates for Kharif Season 2024:
- Subsidy rates for P&K fertilizers have been approved for the Kharif season.
- Farmers will continue to receive fertilizers at old rates.
- The tentative budgetary requirement for the subsidy is estimated at ₹24,420 crore.
Inclusion of New Fertilizer Grades:
- Three new fertilizer grades have been included under the NBS scheme.
- These grades will promote balanced soil health and provide farmers with alternatives to choose fertilizers fortified with micro-nutrients.
Nutrient-Based Subsidy Scheme:
- The subsidy on P&K fertilizers is governed by the NBS scheme.
- The NBS scheme aims to provide subsidies based on the nutrient content of fertilizers.
International Fertilizer Prices:
- The government has considered recent trends in international fertilizer prices when approving the NBS rates.
- The subsidy rates are designed to mitigate the impact of rising fertilizer costs on farmers.
Reliance–Disney deal: A small step for Reliance, but giant leap for media industry?
Reliance Industries and Disney India have merged their media assets, creating India’s leading media conglomerate with a combined value of $8.5 billion. Reliance’s stake in the merged entity is estimated at 49-50%, while Disney’s stake is 46.82%. The merger combines over 120 channels and a viewership of over 750 million, giving the entity significant leverage in advertising and content negotiations. While the deal is not expected to have a major impact on Reliance’s share price, it is a significant event for the Indian media industry.
Key Points
Value of the Merger: – The merged entity is valued at $8.5 billion.
Reliance’s Stake: – Reliance’s effective stake in the merged entity is estimated to be 49-50%.
Impact on Reliance’s Share Price: – The deal is not expected to have a significant impact on Reliance’s share price.
Significance for the Media Industry: – The merger creates India’s leading media conglomerate. – The combined portfolio spans multiple genres and has a viewership of over 750 million. – The entity will have significant leverage in advertising and content negotiations.
Impact on Listed Subsidiaries: – Reliance’s listed media subsidiaries, Network18 Media and Investments and TV18 Broadcast, hit lower circuit after the announcement. – Network 18 will have around 6% stake in the new media conglomerate.
Cabinet decision: Royalty rates for 12 critical minerals finalised.
The Union Cabinet has specified royalty rates for 12 critical and strategic minerals, including beryllium, cadmium, cobalt, and titanium. These rates range from 2 to 4 percent depending on the mineral and its by-products. This completes the rationalization of royalty rates for all 24 critical and strategic minerals identified by India in 2023. The first tranche of critical mineral auctions took place in November 2023, and the second tranche began in February 2024. The specified royalty rates will enable the Central Government to auction blocks for these 12 minerals for the first time.
Key Points
Royalty Rates – Beryllium, indium, rhenium, and tellurium: 2% of ASP of the relevant metal – Cadmium, cobalt, gallium, selenium, tantalum (produced from press other than columbite-tantalite), and titanium: 4% for primary product/mineral, 2% for by-product – Vanadium: 4% for primary mineral, 2% for by-products – Tungsten: 3% of ASP of Tungsten Trioxide (WO3)
Background – India declared a list of 24 critical and strategic minerals in 2023. – The MMDR Act was amended to provide for the auction of mining leases and composite licenses for these minerals by the Centre. – The first tranche of critical mineral auctions took place in November 2023, and the second tranche began in February 2024.
Significance – The specified royalty rates will enable the Central Government to auction blocks for these 12 minerals for the first time. – Royalty rate on minerals is an important financial consideration for bidders in block auctions. – The manner for calculating the average sale price (ASP) of these minerals has also been prepared by the Ministry of Mines.
Auto LPG trade wants GST cut to 5%
The Indian Auto LPG Coalition (IAC) advocates for a reduction in GST on auto LPG from 18% to 5% to promote its adoption as a cleaner alternative fuel. The industry body cites Andhra Pradesh’s recent VAT reduction on CNG as a precedent and emphasizes the environmental and economic benefits of auto LPG.
Key Points:
GST Reduction Request: – IAC urges the central government to reduce GST on auto LPG from 18% to 5%.
Competitive Market Environment: – The reduction aims to create a level playing field with other clean automotive fuels like CNG.
Environmental Benefits: – Auto LPG emits fewer pollutants compared to gasoline and diesel.
Economic Benefits: – Auto LPG offers cost savings for vehicle owners.
Operational Benefits: – Auto LPG provides a reliable and efficient alternative fuel.
MoRTH Amendments: – IAC commends MoRTH’s proposed amendments to CMVR, extending the validity of LPG kit approvals from three to six years.
Supportive Measures: – IAC advocates for reduced GST on conversion kits and standards in approvals to promote cleaner mobility.
Promoting rooftop solar: Govt allocates over ₹75,000 crore for PM Surya Ghar Yojana
The PM-Surya Ghar: Muft Bijli Yojana, approved by the Union Cabinet, aims to provide free electricity to one crore low-income households by installing rooftop solar systems. The scheme offers financial assistance, low-interest loans, and incentives for promoting solar adoption in rural areas. It is expected to generate 30 GW of solar capacity, reduce carbon emissions, and create employment opportunities.
Key Points:
Scheme Overview: – Total outlay: ₹75,021 crore – Target: One crore low-income households – Free electricity: Up to 300 units per month
Financial Assistance: – Central financial assistance (CFA): – 60% for 2 kW systems – 40% for additional system cost between 2-3 kW – Capped at 3 kW
Installation Process: – Households can register on https://pmsuryaghar.gov.in – Select a vendor for installation – National Portal provides information and assistance
Loan Facility: – Collateral-free, low-interest loans (around 7%) – Available for installation of residential RTS systems up to 3 kW
Model Solar Village: – Government to set up model solar villages in each district – Incentives for promoting RTS installations in rural areas
Outcome and Impact: – Savings on electricity bills – Additional income from surplus power sale – Addition of 30 GW of solar capacity – Reduction of 720 million tonnes of CO2 emissions – Creation of 17 lakh jobs
NBFC-MFIs seek revision in annual household income criteria for giving microfinance loans.
NBFC-MFIs are requesting the RBI to increase the annual household income limit for micro loans from ₹3 lakh to ₹5 lakh. The last revision was in 2022, and the industry believes the current limit is insufficient to meet the growing needs of borrowers.
Key Points:
Annual Household Income Limit: – NBFC-MFIs want the RBI to revise the annual household income limit for micro loans from ₹3 lakh to ₹5 lakh. – The limit was last revised in 2022 from ₹1.25 lakh in rural areas and ₹2 lakh in urban- and semi-urban areas to a uniform ₹3 lakh.
Definition of Microfinance Loan: – The RBI defines a microfinance loan as a collateral-free loan given to a household with an annual household income of up to ₹3 lakh.
Growth of Microfinance Industry: – Microfinance operations added over 1 crore unique clients in the last financial year. – The industry saw a robust growth of 24.6% over the last financial year, with a total portfolio of ₹3,99,442 crore. – Portfolio delinquency has reached pre-Covid levels, indicating an improving health of the microfinance portfolio.
Market Share of Micro-Credit Providers: – NBFC-MFIs are the largest providers of micro-credit, with a loan amount outstanding of ₹1,56,245 crore (39.1% of total industry portfolio). – Banks hold the second largest share (33.5%), followed by Small Finance Banks (17.6%), NBFCs (8.9%), and other MFIs (0.8%).
Statistics Ministry ties up with ISRO to conduct Urban Frame Survey in digital mode.
The Ministry of Statistics and Programme Implementation (MoSPI) has partnered with the National Remote Sensing Centre (NRSC) under ISRO to digitize the Urban Frame Survey (UFS) using the Bhuvan Platform. This collaboration aims to transform UFS from analog to digital mode, enabling MoSPI to update urban frames regularly and efficiently.
Key Points:
- Collaboration with NRSC: MoSPI has signed an MoU with NRSC to facilitate UFS digitization using Bhuvan Platform’s Geo ICT tools and techniques.
- Digital Transformation: The collaboration aims to transform UFS from analog to digital mode, improving data accuracy and timeliness.
- Mobile Application Development: A mobile application will be developed for geo-tagging NSSO UFS data.
- Web Portal for Visualization: A web portal will be created for data visualization, scrutiny, editing, and other functions.
- System-Generated Scrutiny: The system will automatically scrutinize and edit data submitted through the mobile application.
NHAI gives one-month extension to FASTag users to comply with the KYC norms
The National Highways Authority of India (NHAI) has extended the deadline for compliance with the “One Vehicle, One FASTag” initiative. This initiative is meant to improve the efficiency of electronic toll collection systems. The extension was granted due to issues being experienced by Paytm FASTag users.
Key Points:
Deadline Extended: FASTag users have an extra month to comply with Know-Your-Customer (KYC) requirements and the “One Vehicle, One FASTag” initiative.
Reason for Extension: The deadline was extended to accommodate Paytm FASTag users who have been facing difficulties obtaining new FASTags since the RBI announced restrictions on Paytm Payments Bank Ltd (PPBL).
One Vehicle, One FASTag: This initiative is designed to stop people from using a single FASTag on multiple vehicles or attaching multiple FASTags to one vehicle.
FASTag Background: FASTag is an electronic toll collection system in India with wide adoption, used by millions of motorists.
MoU signed with Greek bank to facilitate remittances to India using UPI.
NPCI International Payments Limited (NIPL) and Eurobank, a leading Greek bank, have signed a Memorandum of Understanding (MoU) to enhance cross-border payments using the Unified Payments Interface (UPI) platform. This collaboration aims to streamline remittances from Greece to India, making international money transfers more efficient and convenient.
Key Points:
MoU Signing: – NIPL and Eurobank signed an MoU to enable cross-border payments using UPI. – The MoU was signed in the presence of high-ranking officials from both countries.
Purpose of the MoU: – To revolutionize international money transfers, specifically remittances from Greece to India. – To position Greece as one of the first European countries to enable UPI remittances.
Strategic Alliance: – The MoU establishes a strategic alliance between NIPL and Eurobank. – Both parties will serve as points of contact for facilitating inward remittances from Greece to India.
Benefits of UPI: – UPI is a fast and seamless payment system that allows instant payments using a Virtual Payment Address (VPA). – It has gained immense popularity in India for retail digital payments.
India’s Fintech Leadership: – India is a leader in fintech innovation and Digital Public Infrastructure. – The country is committed to sharing its development experiences and innovations with partner countries.
Global Expansion of UPI: – Several countries, including Sri Lanka, Mauritius, France, UAE, and Singapore, have partnered with India to adopt UPI and other fintech solutions.
Cabinet approves setting up of three semiconductor plants in India.
The Indian government has approved the establishment of three semiconductor plants in the country, marking a significant step towards developing a robust semiconductor manufacturing ecosystem. These plants, to be constructed within the next 100 days, will generate substantial employment opportunities and contribute to India’s technological advancement.
Key Points:
1. Plant Locations and Partnerships:
- Tata Electronics and Powerchip-Taiwan will establish a plant in Dholera, Gujarat.
- Tata Semiconductor Assembly and Test Pvt Ltd will set up a unit in Morigaon, Assam.
- CG Power will collaborate with Renesas Electronics Corp and Stars Microelectronics to build a plant in Sanand, Gujarat.
2. Investment and Capacity:
- The total investment in the three units is estimated at Rs 1.26 trillion.
- Tata Electronics’ plant will produce 50,000 wafers per month, equivalent to 3 billion chips annually.
- TSA’s plant will produce 48 million chips per day, while CG Power’s will produce 15 million chips per day.
3. Employment Generation:
- The plants are expected to create 20,000 direct and 60,000 indirect jobs.
4. Semiconductor Policy and Global Interest:
- India’s semiconductor policy, announced in 2022, has attracted global attention.
- Investment proposals worth over Rs 2.50 trillion have been received from global semiconductor majors.
5. Industry Support:
- Tata Electronics and Renesas Electronics, members of the India Electronics and Semiconductor Association (IESA), are key players in the initiative.
- IESA emphasizes the importance of industry growth and innovation.
India Ratings lowers MFI sector outlook to ‘neutral’ from ‘improving’.
India Ratings (Ind-Ra) has revised the outlook for the microfinance sector to ‘neutral’ due to concerns about overleveraging and disproportionate growth in ticket sizes in certain states. The agency warns that this could pose a risk to the sector in the near to medium term.
Key Points:
1. Overleveraging Concerns: – Ticket sizes of borrowers have increased disproportionately compared to per capita income levels in some states. – Rural agricultural wage growth has not kept pace with the growth in average outstanding per borrower and inflation.
2. Revised Outlook: – Ind-Ra has revised the outlook on the microfinance sector to ‘neutral’ from ‘improving’.
3. Profitability Stabilization: – The profitability of NBFC-MFIs is expected to stabilize in FY25 due to a slowdown in margin expansion and stable credit costs.
4. Credit Costs: – Ind-Ra expects credit costs for NBFC-MFIs to remain comfortable at around two per cent in FY25.
5. Growth Expectations: – The sector is expected to maintain growth rates in FY25 largely at levels seen in FY24. – Expansion is expected in Andhra Pradesh and Telangana as MFIs resume operations after the 2010 crisis.
Govt bond yields fall for 4th consecutive month as favourable budget aids.
Indian government bond yields rose slightly on Thursday but recorded a fourth consecutive monthly decline due to a fiscally prudent budget for the upcoming financial year. The budget’s reduced borrowing target has improved demand-supply dynamics, leading to expectations of further yield declines.
Key Points:
Yields: – 10-year benchmark yield ended at 7.0764%, up slightly from Wednesday’s close. – Yields declined seven basis points in February, following a 21 basis point drop in November-January.
Budget Impact: – India aims to reduce the fiscal deficit to 5.1% of GDP and borrow 14.13 trillion rupees via bonds, below market expectations. – The reduced borrowing target has improved demand-supply dynamics, potentially leading to lower yields.
Economic Growth: – India’s economic growth is expected to moderate to 6.6% in October-December due to slower government spending and muted agriculture growth. – The economy is projected to grow 7.3% for the full fiscal year.
U.S. Treasury Yields: – U.S. Treasury yields remained elevated, with the 10-year yield in the 4.25%-4.30% range. – Odds of a May rate cut by the Fed have eased to 20%.
Inflation: – Focus is on U.S. personal consumption expenditures (PCE) price index data, the Fed’s preferred inflation measure.
Three out of five large economies recorded slow growth, shows data.
The global economy is experiencing mixed growth rates, with some countries showing strong growth while others face slowdowns. The US and China have recorded positive growth in the fourth quarter of 2023, while Japan, Germany, and the UK have experienced negative growth. Despite recent upticks, the OECD predicts a slowdown in most advanced and emerging economies in 2024 and 2025. Higher interest rates implemented by central banks to combat inflation have impacted economic growth.
Key Points:
Growth Rates: – US GDP grew by 3.1% in Q4CY23 and 2.9% in Q3CY23. – China’s GDP grew by 5.2% in Q4CY23 and 4.9% in Q3CY23. – Japan’s GDP slowed down in Q4CY23. – Germany and the UK recorded negative GDP growth in Q4CY23.
OECD Forecast: – Most advanced and emerging economies are expected to slow down in 2024. – China and the US are expected to continue slowing down into 2025.
Impact of Interest Rates: – Higher interest rates have impacted economic growth as central banks scale back pandemic stimulus. – Interest rate cuts and increased money availability during the pandemic had spurred global economic growth.
Strong manufacturing sector boosts Q3 GDP growth to 8.4%
India’s economy grew by 8.4% in the October-December quarter (Q3) of FY24, driven by strong manufacturing growth. The full fiscal growth projection for 2023-24 has been revised upwards to 7.6% from 7.3%. However, concerns remain over consumption expenditure slowdown, agricultural growth, and global trade uncertainty.
Key Points
Growth Rate – Q3 FY24 growth rate: 8.4% – Full fiscal FY24 growth projection: 7.6%
Reasons for Sustainable Growth – Better agricultural prospects – Rising private sector investment – Positive high-frequency economic indicators
Challenges to Growth – Uncertainty in merchandise trade – Prolonged geopolitical uncertainty – Tightened financial conditions
Consumption Expenditure – Slowdown in consumption expenditure growth (3%) – Skewed consumption demand towards upper income households
Manufacturing Growth – Double-digit expansion in manufacturing – PLI scheme and other benefits contributing to growth
Concerns – Trade fragmentation and near-shoring risks for exports – Tighter financial conditions and uneven monsoon rainfall as constraints
Punjab & Sind Bank Board approves capital raise of up to ₹2,000 crore
Punjab & Sind Bank has approved a capital raise of up to ₹2,000 crore to support its business growth. The capital will be raised through various modes, including equity shares and bonds, within the next 12 months. Despite a decline in net profit for the third quarter of 2023, the bank’s total business mix crossed ₹2 lakh crore.
Key Points:
Capital Raising: – Punjab & Sind Bank has approved a capital raise of up to ₹2,000 crore. – The capital will be raised within 12 months through various modes, including equity shares and bonds.
Financial Performance: – For the third quarter of 2023, PSB’s standalone net profit declined by 69.4% to ₹114.31 crore. – Total income grew by 27.1% to ₹2,852.71 crore. – Operating profit declined by 19.5% to ₹277 crore.
Business Growth: – PSB crossed a business mix of ₹2 lakh crore in the October-December 2023 quarter. – Total business stood at ₹2,01,914 crore as of December 31, 2023.
Other: – PSB has a total of 1,561 branches and 937 ATMs. – PSB’s shares closed at ₹64.5 on Thursday, February 29, 2024.
Policybazaar now a composite insurance broker after IRDAI final nod
Policybazaar Insurance Brokers has obtained a composite insurance broker license from IRDAI, enabling it to offer reinsurance products. This upgrade allows Policybazaar to enhance insurance penetration in India through technological advancements and data-driven innovation.
Key Points:
1. Composite Insurance Broker License: – Policybazaar has become a composite insurance broker, allowing it to sell reinsurance products.
2. IRDAI Approval: – IRDAI has granted Policybazaar a Certificate of Registration as a composite broker, effective from Wednesday.
3. Reinsurance Expansion: – The composite license enables Policybazaar to enter the reinsurance market, deepening insurance penetration in India.
4. Technology and Innovation: – Policybazaar aims to leverage technology, process control, and data analytics to drive innovation in reinsurance capacity.
5. Financial Performance: – PB Fintech, the parent company of Policybazaar, reported its first-ever net profit in Q3 2023.
RBI revises BBPS framework to streamline bill payments, enhance protection.
The Reserve Bank of India (RBI) has revised the regulatory framework for Bharat Bill Payment Systems (BBPS) to streamline bill payments, increase participation, and enhance customer protection. The new framework, effective April 1, 2024, includes changes to the tiered structure, dispute resolution, and participation criteria.
Key Points:
Tiered Structure:
- BBPS operates as a tiered structure with NPCI Bharat Bill Pay Ltd (NBBL) as the Central Unit (BBPCU).
- Bharat Bill Payment Operating Units (BBPOUs) and their agent networks facilitate bill payments.
NBBL as BBPCU:
- NBBL sets rules and regulations for participation and system operations.
- Provides guaranteed settlement of transactions.
- Ensures no funds flow through technology service providers.
Dispute Resolution:
- NBBL establishes a centralized dispute resolution framework.
- All participating entities are integrated for end-to-end complaint management.
Participation Criteria:
- Banks and non-bank Payment Aggregators (PAs) can participate as BBPOUs.
- Non-bank BBPOUs must open an escrow account for BBPS transactions.
- Non-bank BBPOUs operate as PAs when collecting funds or settling with billers.
Govt hikes windfall tax on petroleum crude to Rs 4,600 a tonne from March 1
The Indian government has revised its windfall tax on petroleum products, increasing the tax on crude oil and eliminating the tax on diesel. The tax on petrol and aviation turbine fuel remains unchanged. This move aims to balance the need for revenue generation with the impact on domestic fuel prices.
Key Points:
Windfall Tax on Petroleum Crude:
- Increased from 3,300 rupees to 4,600 rupees per metric ton, effective March 1.
Windfall Tax on Diesel:
- Reduced to zero from 1.50 rupees per liter, effective March 1.
Windfall Tax on Petrol and Aviation Turbine Fuel:
- Remains unchanged at nil.
Background:
- India imposed a windfall tax on crude oil producers in July 2022.
- The tax was extended to exports of gasoline, diesel, and aviation fuel.
- The government revises the tax fortnightly.
The National Bank for Financing Infrastructure and Development (NaBFID) aims to sanction Rs 3 trillion by March 2026 to support long-term infrastructure financing. The bank has already sanctioned over Rs 86,804 crore, with a focus on projects in roads, renewable power, ports, railways, and city gas distribution. NaBFID is also tasked with creating a data repository for the infrastructure sector and developing sector specialization to evaluate and underwrite complex projects.
Key Points:
- Target: NaBFID aims to sanction Rs 3 trillion by March 2026.
- Sanctions to Date: NaBFID has sanctioned over Rs 86,804 crore, with 50% having long tenures of 20 to 50 years.
- Focus: NaBFID will continue to focus on infrastructure financing and contribute to the goal of Viksit Bharat.
- Data Repository: NaBFID will create a data repository for the infrastructure sector to complement the National Infrastructure Pipeline and PM-Gati Shakti.
- Sector Specialization:Â NaBFID will develop sector specialization to evaluate and underwrite large and complex infrastructure projects.
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