MUMBAI: The Financial Services Institutions Bureau (FSIB) has recommended Rajkiran Rai G for the position of managing director in the newly formed National Bank for Financing Infrastructure and Development (NaBFID).
The FSIB said that it interfaced with five candidates on July 13. “Keeping in view their performance in the interface, their overall experience and the extant parameters, the bureau recommends Rajkiran Rai G for the position of MD in NaBFID,” the bureau said. Rai is the former chairman of Union Bank of India. He had overseen the amalgamation of Corporation Bank and Andhra Bank with Union Bank.
This is the first major recommendation by the FSIB after it was formed by reconstituting the Banks Board Bureau. The NaBFID was proposed by the finance minister in her Budget speech on February 1, 2020. The NaBFID Act, 2021 received the assent of the President on March 28, 2021 and came into force from April 19, 2021. It is the fifth all-India financial institution after Exim Bank, Nabard, National Housing Bank and Small Industries Development Bank.
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