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Home / Companies / News /  KV Kamath to head RIL’s financial services biz
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KV KAMATH TO HEAD RIL’S FINANCIAL SERVICES BIZ

1 min read . Updated: 04 Nov 2022, 11:40 PM IST Shayan Ghosh Premium K.V. Kamath
is currently chairman of National Bank for Financing Infrastructure and
Development. mint

 * Veteran banker will also join Reliance board as independent director for five
   years



Read Full Story


Reliance Industries Ltd (RIL) has appointed veteran banker K.V. Kamath as the
non-executive chairman of its financial services unit, it said in a stock
exchange filing on Friday.



Kamath will also join Reliance Industries’ board as an independent director for
five years, it added.

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In October, Reliance Industries announced the demerger of its financial services
business.



It said Reliance Strategic Investments, its wholly-owned subsidiary, will be
spun off before listing on the exchanges as Jio Financial Services Ltd.

Kamath will continue to drive the company as a non-executive chairman following
the demerger and listing, the company added. Reliance Industries is looking to
cash in on the untapped opportunities in the financial services space,
especially for retail and small-business product categories.

Jio Financial Services (JFS ) will leverage the technology capabilities of
Reliance to offer digital products.

JFS plans to launch consumer and merchant lending business based on proprietary
data analytics to complement and supplement the traditional credit bureau-based
underwriting.

It will continue to evaluate organic growth, joint-venture partnerships as well
as inorganic opportunities in insurance, asset management and digital broking
segments, Reliance Industries had said in October.

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Jio Financial Services will also onboard an experienced management team and
adopt best-in-class governance and risk management practices.

Kamath, a trained mechanical engineer and an alumnus of the Indian Institute of
Management- Ahmedabad, started his career at ICICI in 1971.

In 1988, he moved to the Asian Development Bank and spent years in South-East
Asia before returning to ICICI as managing director and chief executive officer.

Following its merger with ICICI Bank, Kamath became the managing director and
chief executive of ICICI Bank.

Under his leadership, ICICI transformed into a diversified, technology-driven
financial services group across banking, insurance and asset management in
India, besides expanding its global presence.

After retiring as managing director in 2009, he continued to be the chairman
till 2015.

He also served as the chairman of Infosys.

In 2015 he was appointed as the first president of the New Development Bank set
up by BRICS countries, and retired in 2020.

At present, he is the chairman of National Bank for Financing Infrastructure and
Development (NaBFID).

ABOUT THE AUTHOR


SHAYAN GHOSH


Shayan Ghosh is a national writer at Mint reporting on traditional banks and
shadow banks. He has over a decade of experience in financial journalism. Based
in Mint’s Mumbai bureau since 2018, he tracks interest rate movements and its
impact on companies and the broader economy. His interests also include the
distressed debt market, especially as India’s bankruptcy law attempts recoveries
of billions worth of toxic assets.
Read more from this author
Catch all the Corporate news and Updates on Live Mint. Download The Mint News
App to get Daily Market Updates & Live Business News.
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