New Delhi, March 25 (IANS) The Rajya Sabha on Thursday passed the National Bank for Financing Infrastructure and Development which was earlier passed by the Lok Sabha.

The Bill will enable the establisment of the National Bank for Financing Infrastructure and Development to support the development of long term non-recourse infrastructure financing in India, including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure.

The Bill was moved by Finance Minister Nirmala Sitharaman and the debate was initiated by Congress leader Jairam Ramesh.

The NBFID will have its Head Quarter in Mumbai with offices across India and will be regulated by the Reserve Bank of India (RBI).

--IANS miz/dpb