ICICI Bank has received an in-principle approval from the Reserve Bank of India to set up the country's first Infrastructure Debt Fund (IDF).
The fund would cater to the country's fast growing infrastructure sector, which requires investments worth $1 trillion in the XII Plan. Out of the total amount, around 50 per cent is expected to come from the private sector. Market sources said that ICICI Bank had got in-principle approval from the RBI to set up the IDF. Once floated, this would be the first IDF in the country, they noted.
