Finmin appoints SBI Chairman CS Setty, Uday Kotak as governing council members of NIIF Trustee – Newz9

NEW DELHI: Finance Ministry on Tuesday inducted two new members within the governing council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL) which gives strategic steerage on a quantity of issues together with funding of the corpus of NIIF. The new members are SBI Chairman CS Setty who changed his predecessor Dinesh Khara, whereas veteran banker and Kotak Mahindra Bank director Uday Kotak changed TV Mohandas Pai.
The nomination has been made with the approval of the Finance Minister Nirmala Sitharaman, who’s the chairperson of the Governing Council, in keeping with a round issued by the Department of Economic Affairs underneath the Ministry of Finance.
The different members of the Council are Secretary Department of Economic Affairs Ajay Seth, Secretary Department of Financial Services M Nagaraju and Chairman of DSP Group Hemendra Kothari.
The Rs 40,000-crore NIIF, a quasi-sovereign wealth fund, was arrange in December 2015 as an establishment for enhancing infrastructure financing by investing in greenfield (new), brownfield (current) and stalled initiatives.
In November 2020, the Union Cabinet accredited the proposal for an fairness infusion of Rs 6,000 crore by the federal government in 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).