Veteran banker KV Kamath has been appointed non-executive chairman of Reliance Strategic Investments, a wholly owned subsidiary of Reliance Industries Ltd.
Reliance Strategic Investments is to be renamed as Jio Financial Services and listed after the financial services business of the Mukesh Ambani-led conglomerate is demerged. Kamath will begin his duties as chairman upon consummation of the scheme of demerger.
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Kamath has also been appointed on the board of Reliance Industries as an independent director for a period of five years, with effect from the date of his assuming office.
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Kamath, with decades of banking experience under his belt, is currently serving as the chairman of National Bank for Financing Infrastructure and Development, the newest development financing institution in the country. He started his position at the DFI in October 2021, for a period of three years.
Kamath began his banking career with ICICI in 1971, before moving on to Asian Development Bank in 1988. He returned to ICICI in 1996, and after its merger with ICICI Bank, was appointed managing director and chief executive officer of the private sector lender.
He retired as the MD and CEO of ICICI Bank Ltd. in 2009 and served as the non-executive chairman of the bank till 2015. He was also appointed non-executive chairman of Infosys Ltd. between 2011 and 2015.
He was appointed the first president of the New Development Bank, set up by the BRICS countries, an office he held till 2020.
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