K V Kamath To Head National Bank For Financing Infrastructure

Veteran banker K V Kamath has been appointed by the government to head the National Bank for Financing Infrastructure and Development (NaBFID).

In March this year, the Parliament had passed a bill to set up NaBFID, a development financial institution (DFI).

The new body will fund infrastructure projects and finance minister Nirmala Sitharaman had said in Parliament while bringing in the legislation for its formation, that its audited accounts will be placed before both the Houses of Parliament every year. DFIs are considered important for channelising long term finance needed for big infrastructure projects.

NaBFID has been set up to boost infrastructure financing in the country like development of bonds and derivatives markets needed for infrastructure financing.

Mr Kamath has been chairman of Infosys Limited and was also the former managing director and CEO of ICICI Bank and also its chairman.