Rajkiran Rai G has been appointed as managing director (MD) for five years. Appointment has been done by Centre and Board of National Bank for Financing Infrastructure & Development (NaBFID). His name was recommended by Financial Services Institutions Bureau (FSIB). On July 30, 2022, Reserve Bank of India (RBI), Development finance institutions (DFI) nomination & remuneration committee approved his appointment.
- On August 8, 2022 Rajkiran Rai G took charge as MD of Development finance institutions (DFI).
- He will continue to this position till May 18, 2027.
- The Development finance institutions is set to start its operation anytime soon.
- In October 2021, K V Kamath was appointed as the chairperson of DFI.
- Sumita Dawra and Pankaj Jain were appointed as directors to the board of DFI.
- Till date, government has transferred Rs 20,000 crore to NaBFID, in a bid to help DFI to start its operations of supporting investment in infrastructure sector.
National Bank for Financing Infrastructure & Development
National Bank for Financing Infrastructure and Development (NaBFID) is the fifth All India Financial Institutions (AIFI), after NABARD, EMIX Bank. SIDBI and NHB. It was established by the “National Bank for Financing Infrastructure & Development Act, 2021. It is the principal DFI for infrastructure financing. It has authorized share capital of 1 lakh crore rupees.
Development finance institutions (DFI)
DFIs are established to aid long-term finance in an economy where associated risks are beyond acceptable limits of financial institutions. It does not accept deposits from people. Market, government, and multilateral institutions are its source of funds.