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The finance ministry will shortly begin the process of appointing managing directors (MDs) and deputy managing directors (DMDs) to the newly established Rs 20,000 crore development finance institution NaBFID, which would help to catalyse investment in the cash-strapped infrastructure sector.
The government named veteran banker K V Kamath as chairperson of the National Bank for Financing Infrastructure and Development (NaBFID) for three years earlier this month.
According to reports, the finance ministry would inform the Banks Board Bureau (BBB) about the appointment of NaBFID’s MD and DMDs as soon as possible.
The Bureau will put out advertising and conduct a selection procedure.
The BBB is the agency in charge of finding new employees for state-owned banks and financial institutions.
After reaching the ages of 65 and 62, the MD, DMDs, and full-time directors would no longer be able to hold office.
The institution will have one MD and no more than three DMDs, according to the National Bank for Financing Infrastructure and Development (NaBFID) Act 2021.
Over and above the Rs 20,000 crore equity capital, the government has pledged a grant of Rs 5,000 crore.
By the end of the first fiscal year, the government will have provided funds. The government will also give a guarantee for borrowing from multilateral institutions, sovereign wealth funds, and other foreign entities at a reduced cost of up to 0.1 percent.
The development finance institution (DFI) was founded as a statutory agency to solve market failures caused by infrastructure financing’s long-term, low-margin, and risky nature.
As a result, the DFI has both developmental and financial goals. To begin with, the institution will be entirely owned by the government.
It will contribute to the funding of about 7,000 infrastructure projects as part of the National Infrastructure Pipeline (NIP), which aims to invest Rs 111 lakh crore by 2024-25.
The DFI will operate independently of CAG, CVC, and CBI, allowing for speedier decision-making.
In the next few years, the government intends the DFI to leverage this fund to raise up to Rs 3 lakh crore.