Centre appoints Rajkiran Rai as NaBFID managing director for nearly 5 years

FSIB had recommended Rai's name for the top job in July

Rajkiran Rai G, managing director and chief executive officer, Union Bank of India, and chairman, Indian Banks' Association (IBA)
Rajkiran Rai G.
Nikunj Ohri New Delhi
2 min read Last Updated : Aug 16 2022 | 11:21 PM IST
The Centre and the board of National Bank for Financing Infrastructure and Development (NaBFID) has appointed Rajkiran Rai G as its managing director (MD) for nearly five years.

After the Financial Services Institutions Bureau (FSIB) recommended Rai’s name for the top job at the government-backed development finance institution (DFI), the Reserve Bank of India (RBI) and central government agencies gave their nod for the recommended candidate. The board of NaBFID approved Rai’s appointment on July 30 based on clearance by the RBI, centre and the DFI’s nomination and remuneration committee.

Rai took charge as the DFI’s MD on August 8, and will hold the top post till May 18, 2027, according to details of the appointment.

After beginning operations in its new avatar, picking Rai as the MD of Rs 20,000-crore NaBFID, was the FSIB’s first recommendation.

The DFI is looking to commence its operations soon. The Centre, in October 2021, had appointed K V Kamath as chairperson of the government-owned DFI. Subsequently, government nominees Pankaj Jain and Sumita Dawra were appointed directors to the board of DFI.

The government has already infused Rs 20,000 crore into NaBFID to help the DFI start its operations to catalyse investment in the infrastructure sector.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Reserve Bank of Indiaindian government

Next Story