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In a move to infuse funds in the infrastructure cash-strapped infrastructure sector, the government has appointed veteran banker K V Kamath as the new chairperson of the National Bank for Financing Infrastructure and Development (NaBFID). Back in March, Parliament had cleared the NaBFID bill 2021 to facilitate the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.

The Department of Financial Services (DFS), under the finance ministry said in a tweet that, K.V. Kamath has been appointed as an approach to build AtmaNirbharBharat.

Kamath comes with a lot of experience

The tweet read: “New approach to building #AatmaNirbharBharat! Central Government has appointed Shri K. V. Kamath to the post of Chairperson, National Bank for Financing Infrastructure and Development, a newly set up DFI in India.”

In a notification, the DFS said the central government has appointed K V Kamath as Chairperson of NaBFID for an initial term of three years, from the date of taking charge. Kamath is the first head of the National Development Bank (NDB), set up by the BRICS group of countries. He had completed his five year tenure there last year.

Known as KV among his friends, the 73 year old banker began his erstwhile Development Finance Institute (DFI) in 1971, which was later renamed as ICICI Bank.

When the bank was hit by widespread rumors of run-ons in 2008, the veteran banker led from the front and was instrumental in its turnaround.

He served as the Managing Director and CEO until April 2009 and became its non-executive chairman.