GS Paper - 3 (Economy)

The government on 27 October 2021 announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20000 crore National Bank for Financing Infrastructure and Development (NaBFID).

What

  1. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021.
  2. NaBFID has been supporting the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
  3. Kamath, the first head of the New Development Bank (NDB) set up by the BRICS group of emerging market economies, had completed his five-year tenure last year.