K V Kamath appointed as Chairman of NaBFID
ECONOMY & POLICY

K V Kamath appointed as Chairman of NaBFID

The Ministry of Finance has appointed K V Kamath as the Chairman of the development finance institution (DFI) National Bank for Financing Infrastructure and Development (NaBFID).

In March, the Parliament passed the NaBFID bill for creating a DFI, which will help in funding long-term infrastructure projects in India. Initially, DFI will be owned by the government, but its stake will be reduced by 26% later. The budget has allocated Rs 20,000 crore to capitalize the DFI, expecting to create a portfolio of Rs 5 trillion in three years.

The new entity will help in providing finance options for projects in the National Infrastructure Pipeline. The government has decided to increase investment in infrastructure projects to boost the economy after the Covid-19 pandemic.

Under the National Infrastructure Pipeline, the government plans to invest Rs 111 trillion by 2025.

Kamath was the first president of the National Development Bank-funded by five Brazil, Russia, India, China, and South Africa (BRICS) members after completing his five-year tenure in 2020. He is credited to have built the multilateral lending institution from scratch.

He is also credited for catapulting ICICI Bank Limited to the level of India's second-largest lender. He headed the bank for 13 years till 2009. Kamath was also a non-executive Chairman of Infosys Limited, with India being the second-largest software services exporter. He spent eight years at the Asian Development Bank (ADB), being a part of the private sector department. He returned to India to be a managing director and chief executive of ICICI Bank Limited.

Image Source

The Ministry of Finance has appointed K V Kamath as the Chairman of the development finance institution (DFI) National Bank for Financing Infrastructure and Development (NaBFID). In March, the Parliament passed the NaBFID bill for creating a DFI, which will help in funding long-term infrastructure projects in India. Initially, DFI will be owned by the government, but its stake will be reduced by 26% later. The budget has allocated Rs 20,000 crore to capitalize the DFI, expecting to create a portfolio of Rs 5 trillion in three years. The new entity will help in providing finance options for projects in the National Infrastructure Pipeline. The government has decided to increase investment in infrastructure projects to boost the economy after the Covid-19 pandemic. Under the National Infrastructure Pipeline, the government plans to invest Rs 111 trillion by 2025. Kamath was the first president of the National Development Bank-funded by five Brazil, Russia, India, China, and South Africa (BRICS) members after completing his five-year tenure in 2020. He is credited to have built the multilateral lending institution from scratch. He is also credited for catapulting ICICI Bank Limited to the level of India's second-largest lender. He headed the bank for 13 years till 2009. Kamath was also a non-executive Chairman of Infosys Limited, with India being the second-largest software services exporter. He spent eight years at the Asian Development Bank (ADB), being a part of the private sector department. He returned to India to be a managing director and chief executive of ICICI Bank Limited. Image Source

Next Story
Infrastructure Transport

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

To enhance connectivity between the tourism hubs of Agra and Gwalior, National Highways Authority of India (NHAI) will develop 88 km long 6-lane access controlled Agra-Gwalior Greenfield Expressway (NH-719D). NHAI, today signed a concession agreement for the implementation of project with GR Infraprojects, in presence of NHAI Chairman, Santosh Kumar Yadav and senior officials of NHAI and the Concessionaire. The Agra-Gwalior Greenfield Expressway will start from Deori village in Agra and terminate at Susera village in Gwalior. The project shall be developed at a Total Capital Cost of Rs 46.13 b..

Next Story
Infrastructure Transport

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for Development, Maintenance and Management of 4-lane Greenfield Access Controlled 166.80 km of National Highway No. 06 from Mawlyngkhung (near Shillong) in Meghalaya to Panchgram (near Silchar) in Assam on Hybrid Annuity Mode as an access controlled greenfield High-Speed Corridor at a total capital cost of Rs 228.64 billion. The project length of 166.80 km lies in Meghalaya (144.80 km) and Assam (22.00 km). The proposed Greenfield high-speed corridor will improve the service level ..

Next Story
Infrastructure Urban

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Under the PM Gati Shakti initiative of Prime Minister with the aim to provide seamless and efficient connectivity for the movement of people, goods and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time, and under the guidance of Union Minister of Road Transport and Highways, Nitin Gadkari, the Multi Modal Logistics Park, Nagpur (MMLP Nagpur) at Sindi, near Wardha commenced its commercial operations with a goal to establish a faster link. The MMLP Nagpur established by National Highway Logistics Management (NHLML), a 100 per cent own..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?