Finance Ministry Appoints New NIIF Council Members

The Finance Ministry has appointed SBI Chairman C S Setty and Kotak Mahindra Bank director Uday Kotak as new members of the governing council for the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL). This decision, approved by Finance Minister Nirmala Sitharaman, involves a strategic council that guides investments related to the Rs 40,000-crore quasi-sovereign wealth fund established in December 2015. Setty replaces Dinesh Khara, while Kotak takes over from T V Mohandas Pai. Other council members include senior officials from the Department of Economic Affairs and Department of Financial Services, along with Hemendra Kothari from DSP Group. The council's responsibilities include facilitating infrastructure financing through investments in new, existing, and stalled projects. A planned meeting for the council is scheduled for January 20, 2025, to discuss ongoing initiatives.