The newly created  Financial Services Institutions Bureau (FSIB) has recommended G Rajkiran Rai for the position of Managing Director at the National Bank for Financing Infrastructure and Development (NaBFID).

In May this year, Rai had superannuated as Managing Director & CEO of Union Bank of India, a public sector bank. 

On Wednesday, FSIB had interviewed 5 candidates for the position of MD in NaBFID,sources said.

Rai is the first ever candidate to be recommended by the newly constituted FSIB, which is a single autonomous professional body tasked to search and recommend high-caliber persons for appointment as Wholetime directors (WTDs) and non-executive chairpersons (NEC) in public sector banks, public sector insurers and financial institutions. 

Rai was appointed as the managing director & CEO of Union Bank of India on July 1, 2017, for a period of 3 years until June 30, 2020. He was then handed a two-year extension till his date of superannuation in May 2022.

NaBFID is a newly created development finance institution (DFI) that has been set up by the government to support the development of long-term non-recourse infrastructure financing, including the development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure.

Earlier this year, the Government had infused ₹ 20,000 crore into NaBFID.

The Financial Services Institutions Bureau(FSIB) had subsumed the Banks Board Bureau, which now ceases to exist.