KV Kamath will now head the National Bank for Financing Infrastructure and Development: FinMin

KV Kamath (Image: Reuters)

The central government has appointed veteran banker Kundapur Vaman Kamath, to head the National Bank for Financing Infrastructure and Development (NaBFID), a newly set up DFI in India.

New approach to building #AatmaNirbharBharat!
Central Government has appointed Shri K. V. Kamath to the post of Chairperson, National Bank for Financing Infrastructure and Development, a newly set up DFI in India.@FinMinIndia

— DFS (@DFS_India) October 27, 2021

Parliament in March this year passed a bill to set up NaBFID to fund infrastructure projects in the country, with Finance Minister Nirmala Sitharaman asserting that its audited accounts will be placed before both the Houses every year and that they will have "oversight" of the institution.

The bank is set up 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.

KV Kamath in his five-decade-long career has served in various capacities including the chairman of Infosys Ltd and the former Managing Director and CEO of ICICI Bank and then its Chairman from 2009-15.