Finance Ministry Appoints C S Setty and Uday Kotak to NIIF Governing Council C S Setty, Chairman of SBI, replaces Dinesh Khara, while Uday Kotak, veteran banker and director at Kotak Mahindra Bank, takes over from T V Mohandas Pai.
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The Finance Ministry has appointed two new members to the governing council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL), strengthening its strategic oversight of the fund's operations.
C S Setty, Chairman of SBI, replaces Dinesh Khara, while Uday Kotak, veteran banker and director at Kotak Mahindra Bank, takes over from T V Mohandas Pai. These appointments, approved by Finance Minister Nirmala Sitharaman, aim to bring fresh perspectives to NIIF's decision-making processes.
The governing council also includes key officials such as Ajay Seth, Secretary of the Department of Economic Affairs, M Nagaraju, Secretary of the Department of Financial Services, and Hemendra Kothari, Chairman of DSP Group.
The NIIF, a INR 40,000-crore quasi-sovereign wealth fund established in December 2015, focuses on enhancing infrastructure financing by investing in greenfield, brownfield, and stalled projects.
In a significant move in November 2020, the Union Cabinet sanctioned a INR 6,000 crore equity infusion into the NIIF Debt Platform, supporting institutions like Aseem Infrastructure Finance Ltd and NIIF Infrastructure Finance Ltd to bolster infrastructure growth in India.
