K V Kamath to head NABFID

The Centre has appointed veteran banker KV Kamath as the Chairperson of the National Bank for Financing Infrastructure Development (NABFID), the newly set up development finance institution in the country.

Kamat will chair a board comprising 13 members, including a chairman, four whole-time directors and two government nominees. The remaining are expected to be independent directors.

It may be recalled that the Parliament had, in March this year, passed a Bill to set up NABFID to fund infrastructure projects in the country.

The bank has been set up to support the development of long-term, nonrecourse infrastructure financing in India, including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure.

In his over five-decade long career, Kamath has served as the head of several top-notch banking institutions and companies.