Corp Bank plans infra debt fund

Corporation Bank said it is drawing up plans to float an Infrastructure Debt Fund (IDF) and will soon approach its boa­rd for approval.The bank plans to pa­r­­tner with other interested players for floating such an infra fund. Earlier, the Reserve Bank of India (RBI) allowed banks and non-banking financial co­m­panies (NBFC) to sponsor IDF, which can be set up as mutual funds and NBFCs. As per the RBI guidelines, IDFs that can be set up as NBFCs should have a minimum net owned fund of Rs 300 crore and a capital adequacy ratio of 15 percent.