New Delhi, Feb 03: The government has decided to designate Industrial Development Bank of India (IDBI) as the lead developmental finance institution keeping in view its expertise, experience in project appraisal, funding and coordination, Finance Minister Jaswant Singh told the Lok Sabha today. Presenting the interim budget, he said it was expected to help in making availability of timely finance at reasonable rates. IDBI's efforts will be complemented by other premier institutions and banks such as the infrastructure development finance corporation and the state bank of India. Government will also provide the requisite support to IDBI for this task.
Industrial finance corporation will be restructured by transferring its impaired assets to an asset reconstruction company and merger with a large public sector bank. Bureau Report