Latest News | FSIB Recommends Rajkiran Rai G as NaBFID MD

New Delhi, Jul 14 (PTI) Financial Services Institutions Bureau (FSIB) has recommended former Union Bank of India managing director Rajkiran Rai G as the head of the newly set-up Rs 20,000-crore NaBFID.

The headhunter for state-owned banks and financial institutions selected the managing director for National Bank for Financing Infrastructure and Development (NaBFID) after interviewing five shortlisted candidates on July 13.

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"Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Rajkiran Rai G for the position of MD in NaBFID," FSIB said in a statement.

Rai completed his extended term as managing director of state-owned Union Bank of India in May this year.

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This is the first selection made by the FSIB following its incorporation on July 1, 2022. The erstwhile Banks Board Bureau (BBB) was revamped into FSIB with certain amendments in its mandate.

According to the National Bank for Financing Infrastructure and Development (NaBFID) Act 2021, the institution will have one MD and not more than three DMDs.

The government has committed a Rs 5,000-crore grant over and above Rs 20,000-crore equity capital.

In October 2021, the government appointed veteran banker KV Kamath as the chairperson of the NaBFID for three years.

Finance Minister Nirmala Sitharaman in the Union Budget 2021-22 said the government will set up a development financial institution (DFI) to catalyse investment in the fund-starved infrastructure sector.

The newly-incorporated DFI NaBFID is targeting financial assistance of Rs 1 lakh crore in its first year of operations.

The DFI has been set up to support the development of long-term non-recourse infrastructure financing, including the development of the bonds and derivatives markets, necessary for infrastructure financing and to carry on the business of financing infrastructure.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)