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Finance Ministry announced on Wednesday informed veteran banker K V Kamath has been appointed as chairperson of the newly-constituted National Bank for Financing Infrastructure and Development (NaBFID).
In March this year, the Parliament had cleared the bill for setting up the Rs 20,000 crore National Bank for Financing Infrastructure and Development. The purpose of the institution is to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
Kamath was the first chief of the New Development Bank (NDB) set up by the BRICS groups of emerging market economies. He had completed his five-year tenure last year. He had begun his career at erstwhile development finance institution (DFI) ICICI in 1971.
Back in 2008, when ICICI Bank was hit by widespread rumours of 'run-ons', Kamath led from the front and was instrumental in its complete turnaround.
He retired as managing director and CEO in April 2009 and became its non-executive chairman.
(With inputs from PTI)
