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The Ministry of Finance (MoF) has appointed C S Setty and Uday Kotak as members of the Governing Council of NIIFTL.

Appointment | Dated: 10 Jan 2025

In January 2025, the Ministry of Finance (MoF) appointed Challa Sreenivasalu Setty, Chairman of State Bank of India (SBI), and Uday Kotak, Founder and Director of Kotak Mahindra Bank Limited (KMBL), as members of the Governing Council of the National Investment and Infrastructure Fund Trustee Limited (NIIFTL). NIIFTL provides strategic guidance on various matters, including the investment of the NIIF corpus.

🎯 Key Highlights:

  • - Challa Sreenivasalu Setty replaced Dinesh Khara, the former Chairman of SBI, while Uday Kotak replaced T V Mohandas Pai, Chairman of Aarin Capital, based in Bangalore (Karnataka).
  • - The nomination was approved by Nirmala Sitharaman, the Chairperson of the Governing Council, as per the circular issued by the Department of Economic Affairs (DEA), MoF.
  • - NIIFL is an Indian public sector company, established in December 2015, with the aim of boosting infrastructure financing by investing in new (greenfield), existing (brownfield), and stalled projects.

💡 Other Important Facts:

  • (i) NIIFTL was created to provide advisory support to NIIF, offering strategic guidance on areas such as the investment of NIIFL’s corpus (fund).
  • (ii) NIIFTL is a six-member council chaired by Finance Minister Nirmala Sitharaman.
  • (iii) The other members of the council include Ajay Seth, Secretary of the Department of Economic Affairs (DEA); M. Nagaraju, Secretary of the Department of Financial Services (DFS), MoF; and Hemendra Kothari, Chairman of DSP Mutual Fund, Mumbai.

📚 Test Your Knowledge:

The Ministry of Finance (MoF) has appointed C S Setty and Uday Kotak as members of the Governing Council of which organization?

Correct Answer: NIIFTL

🚀 Quick Recap: