New Delhi: Rajkiran Rai G, Managing Director & CEO of Union Bank, has been appointed as Managing Director (MD) of the National Bank for Financing Infrastructure and Development (NaBFID). He was recommended for the post by FSIB. Rai has taken over the charge of the post with effect from August 8, 2022, and will hold the top post till May 18, 2027, according to details of the appointment.
After the Financial Services Institutions Bureau (FSIB) recommended Rai’s name for the top job at the government-backed development finance institution (DFI), the Reserve Bank of India (RBI) and central government agencies gave their nod to the recommended candidate. The board of NaBFID approved Rai’s appointment on July 30 based on clearance by the RBI, centre and the DFI’s nomination and remuneration committee.
Rai has been serving as Managing Director & CEO of Union Bank of India since July 1, 2017. Rai has more than three decades of rich banking experience which includes heading the Industrial Finance Branch, Regions and Zonal Offices. Starting his career in 1986 as an Agricultural Finance Officer in the Central Bank of India, Rai rose through the ranks heading various branches at different parts of the country for more than 17 years. On his elevation as General Manager, he was given the responsibility of heading the department of Human Resource Development. He was the Field General Manager of Mumbai Zone of Central Bank of India when he was elevated to the post of Executive Director of Oriental Bank of Commerce.
The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021 received the assent of the President on March 28, 2021, and has come into force with effect from April 19, 2021. Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India. NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI) by the Reserve Bank under Sections 45L and 45N of the Reserve Bank of India Act, 1934. It shall be the fifth AIFI after EXIM Bank, NABARD, NHB and SIDBI.
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