The government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore National Bank for Financing Infrastructure and Development (NaBFID).

       Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.

       "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," Department of Financial Services (DFS), under the finance ministry, tweeted.

       Kamath, the first head of the New Development Bank (NDB) set up by the BRICS group of emerging market economies, had completed his five-year tenure last year.

       The 73-year-old banker, known among his friends as KV, began his career at erstwhile development finance institution (DFI) ICICI in 1971. Back in 2008, when ICICI Bank was hit by widespread rumours of 'run-ons', Kamath led from the front and was instrumental in its complete turnaround.

       He retired as managing director and CEO in April 2009 and became its non-executive chairman.

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