Mumbai: The government has appointed a veteran banker v of which as the first chairman of the National Bank for Infrastructure & Financing Development (Nabfid).
Kamath has been given a three-year position and is expected to play a key role in giving forms to new development financial institutions (DFI) which will focus on providing long-term funds.
For former Head of the New Development Bank (Brics Bank), life has come full circle and the government wants to take advantage of its experience in development financing throughout Asia.
Before taking over in Icici, he was part of the Asian Development Bank and, during his tenure there, he worked in various projects in China, Indonesia, the Philippines, Bangladesh and Vietnam.
He oversees ICICI with successful transition from DFI to Universal Bank.
The government has proposed a new DFI-Nabfid – in the Union budget and is expected to start operations in several months.
The Nabfid law allows the government to ensure bonds and other debt instruments issued by the institution.
Besides Nabfid, the Minister of Finance has advised the private sector to promote DFI.