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The central government on Wednesday appointed veteran banker K V Kamath as the chairperson of newly set up 20,000-crore development finance institution (DFI), National Bank for Financing Infrastructure and Development, in a move to boost the Aatmanirbhar Bharat scheme, the Finance Ministry said.

"New approach to building #AatmaNirbharBharat! Central Government has appointed Shri K. V. Kamath to the post of Chairperson, National Bank for Financing Infrastructure and Development, a newly set up DFI in India," the Department of Financial Services tweeted.

The NaBFID institution aims to help fund about 7,000 infra projects under the National Infrastructure Pipeline. 

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.

The 73-year-old banker, known among his friends as KV, began his career at erstwhile development finance institution (DFI) ICICI in 1971.

Back in 2008, when ICICI Bank was hit by widespread rumours of 'run-ons', Kamath led from the front and was instrumental in its complete turnaround.

He retired as managing director and CEO in April 2009 and became its non-executive chairman.

Earlier this year, Finance Minister Nirmala Sitharaman had introduced the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 in the Lok Sabha.

The proposed legislation will give effect to the Budget announcement made by the finance minister on February 1.

The National Bank for Financing Infrastructure and Development will be set up with a corpus of 20,000 crore and the government will give an initial grant of 5,000 crore.

The government expects the DFI to leverage this fund to raise up to 3 lakh crore in the next few years.

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