The Finance Ministry has appointed two new members to the governing council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL), responsible for providing strategic direction on investment matters, including the NIIF’s corpus. The new members include C.S. Setty, Chairman of SBI, who replaces Dinesh Khara, and Uday Kotak, director at Kotak Mahindra Bank, who takes over from T.V. Mohandas Pai. The nominations were approved by Finance Minister Nirmala Sitharaman, who serves as the chairperson of the Governing Council, as per a circular issued by the Department of Economic Affairs under the Ministry of Finance. Other members of the council include Ajay Seth, Secretary of the Department of Economic Affairs; M. Nagaraju, Secretary of the Department of Financial Services; and Hemendra Kothari, Chairman of DSP Group. The National Investment and Infrastructure Fund (NIIF), a quasi-sovereign wealth fund with a corpus of Rs 400 billion, was established in December 2015 to promote infrastructure financing by investing in greenfield, brownfield, and stalled projects. In November 2020, the Union Cabinet approved a Rs 60 billion equity infusion into the NIIF Debt Platform, which includes Aseem Infrastructure Finance Ltd (AIFL) and NIIF Infrastructure Finance Ltd (NIIF-IFL).

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