NaBFID bill passed: Opposition says lack of oversight, Sitharaman counters

Parliament passed a bill to to set up the National Bank for Financing Infrastructure and Development that will fund infrastructure projects in the country. Opposition leaders allege that there was lack of oversight of the institution and demanded that the proposed legislation be sent to a select committee for scrutiny. ‘NaBFID would be a government company and huge resources are going to be mobilised, and yet there is no external oversight, external surveillance, or external monitoring,’ Ramesh said. Responding to the charges, Finance Minister Sitharaman said that the Institution shall furnish to the Central Government and the Reserve Bank within four months from the date on which its accounts are closed and balanced, a copy of its balance-sheet and accounts together with a copy of the auditor's report. Watch the full video for all the details.