SBI Chairman CS Setty, Uday Kotak Joins NIIF Governing Council

The Finance Ministry inducted two new members in the governing council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL) which provides strategic guidance on several matters including investment of the corpus of NIIF.

The new members are SBI Chairman C S Setty who replaced his predecessor Dinesh Khara, and veteran banker and Kotak Mahindra Bank director Uday Kotak, who replaced T V Mohandas Pai.  The nomination has been made with the approval of Finance Minister Nirmala Sitharaman, the Governing Council chairperson, according to a circular issued by the Department of Economic Affairs under the Ministry of Finance.

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The other members of the Council are the Secretary Department of Economic Affairs Ajay Seth, the Secretary Department of Financial Services M Nagaraju and the Chairman of DSP Group Hemendra Kothari.

The Rs 40,000-crore NIIF, a quasi-sovereign wealth fund, was set up in December 2015 as an institution for enhancing infrastructure financing by investing in greenfield (new), brownfield (existing), and stalled projects.

In November 2020, the Union Cabinet approved the proposal for an equity infusion of Rs 6,000 crore by the government in the NIIF Debt Platform sponsored by the National Investment and Infrastructure Fund (NIIF), comprising of Aseem Infrastructure Finance Ltd (AIFL) and NIIF Infrastructure Finance Ltd (NIIF-IFL).

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