The centre is considering roping in two-three banks, including the State Bank of India (SBI) and Punjab National Bank, to pick up a stake in the Rs 5 billion credit enhancement fund anchored by Indian Infrastructure Finance Company Limited. Some multilateral funding agencies such as ADB and the International Finance Corporation have also been approached for a partnership in the initiative. Besides, the Ministry of Finance has requested the Insurance Regulatory and Development Authority of India to provide an exemption permitting the Life Insurance Corporation (LIC) to hold a stake above 15 per cent in the proposed venture. The credit enhancement fund, which is expected to be registered as an alternative investment fund, is expected to begin operations by December 2016.
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