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

Rly Board Requests Location Survey for all Seven Circular Rail Corridors

The Board has directed the division to finalise the Feasibility and Location Survey (FLS) for the remaining six corridors of the project before moving forward with the implementation of a single corridor. Since the plan involves a circular rail network, the completion of all corridors is essential to ensure the project's overall functionality. Additionally, the second phase of the Bengaluru Suburban Rail Project (BSRP), covering a distance of 146 km, will be integrated with the Circular Rail project. BSRP Phase-2 consists of extensions to Phase-1 of the suburban rail system, further strengthe..

Next Story
Real Estate

Bengaluru Office Rents may Rise 5-7% in 2025 Amid IT and AI Demand

Bengaluru’s office rental market is set to experience a 5-7 per cent increase in 2025, driven by growing demand from the IT sector and AI-driven research labs. The city's office space requirements have been steadily rising, particularly with the expansion of global capability centres (GCCs) in recent years. This trend has now been further fuelled by increased interest from technology firms and research institutions specialising in artificial intelligence. The Indian government’s push to establish AI research labs has contributed significantly to this demand. Additionally, sectors such as ..

Next Story
Real Estate

JDA Extends Deadline for Two Residential Schemes Applications

The Jaipur Development Authority (JDA) has extended the deadline for applications for two residential schemes, Atal Vihar Yojana and Govind Yojana, until February 7. The decision was made due to the overwhelming number of applications received. A total of more than one lakh applications have been submitted for these schemes, with the highest number coming from the general category. Across the three upcoming residential schemes, including Patel Nagar, JDA has made 756 plots available. For the Govind Yojana scheme, 75,293 online applications have been received. Of these, 47,066 applications ar..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?