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Rajkiran Rai G - New Recommendation of FSIB for NaBFID Managing Director

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alex zilk
Rajkiran Rai G - New Recommendation of FSIB for NaBFID Managing Director

National Bank for Financing Infrastructure and Development (NaBFID) has been in the process of appointing a new managing director. Earlier, the Financial Services Institutions Bureau (FSIB) shortlisted five candidates on July 13. 


They have interviewed many candidates over time and have now recommended Rajkiran Rai G for the post. The FSIB institution that recruits for the state banks and financial institutions finds him the appropriate candidate


Rajkiran Rai G is the former Union Bank of India managing director. He completed his term as the managing director of Union Bank of India in May 2022. With more than three decennaries of proficiency in the banking field, Rajkiran Rai G has expert banking knowledge. 


The government has granted Rs. 5000 crores over and above Rs. 20,000 crore equity capital. 


FSIB states, “ 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.”


It is the first selection of the Bureau after its incorporation on July 1 2022. FSIB is a revamp of the Banks Board Bureau with amendments in the mandate. 


National Bank for Infrastructure and Development (NaBFID) Act 2021 allows the institution to have only one managing director and just three Deputy Managing Directors (DMDs). 


KV Kamath will be the chairman of NaBFID for three years. He was appointed in October 2021 by the government. 


In addition, finance minister Nirmala Sitharaman announced in the Union Budget 2021-2022 that the government would construct a development financial institution (DFI) to accelerate investments


These investments are in the fund-starved infrastructure sector. The DFI NaBFID targets financial assistance of Rs. 1 lakh crore for the first year of its operations. Besides, the DFI supports long-term non-resource infrastructure financing. 


The financing includes the development of bonds and derivatives markets, which are necessary for the infrastructure and keeps the financing stable for the infrastructure development.



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