Finmin appoints SBI Chairman C S Setty, Uday Kotak as governing council members of NIIF Trustee

CS Setty Chairman SBI

The Finance Ministry on Tuesday inducted two new members in the governing council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL) which provides strategic guidance on a number of matters including investment of the corpus of NIIF.

The new members are SBI Chairman C S Setty who replaced his predecessor Dinesh Khara, while veteran banker and Kotak Mahindra Bank director Uday Kotak replaced T V Mohandas Pai. The nomination has been made with the approval of the Finance Minister Nirmala Sitharaman, who is the chairperson of the Governing Council, according to a circular issued by the Department of Economic Affairs under the Ministry of Finance.

The other members of the Council are Secretary Department of Economic Affairs Ajay Seth, Secretary Department of Financial Services M Nagaraju and Chairman of DSP Group Hemendra Kothari. The Rs 40,000-crore NIIF, a quasi-sovereign wealth fund, was set up in December 2015 as an institution for enhancing infrastructure financing by investing in greenfield (new), brownfield (existing) and stalled projects.

In November 2020, the Union Cabinet approved the proposal for an equity infusion of Rs 6,000 crore by the government in NIIF Debt Platform sponsored by the National Investment and Infrastructure Fund (NIIF), comprising of Aseem Infrastructure Finance Ltd (AIFL) and NIIF Infrastructure Finance Ltd (NIIF-IFL).