India on Wednesday appointed KV Kamath, former head of the Shanghai-based New Development Bank or Brics bank, as chairperson of the National Bank for Financing Infrastructure and Development.
Appointment of the former veteran at the newly set up state-owned development finance institution comes at a time when the government is looking to fund big infrastructure projects through its National Infrastructure Pipeline as the economy recovers from the Covid pandemic.
His selection was done in consultation with the Reserve Bank of India. Kamath was the first president of the New Development Bank, which he headed until last year. Before that he helmed ICICI Bank, one of India’s biggest private lenders, for 13 years. The private sector lender was set up as a development finance institution in 1955.
- Jim Pollard