Government To Soon Appoint Managing – Latest news headlines


Government will soon appoint head of the National Bank for Financing Infrastructure and Development

Finance Ministry will soon start the process for appointing a managing director (MD) and deputy managing directors (DMDs) of the newly set up Rs 20,000 crore development finance institution, namely National Bank for Financing Infrastructure and Development (NaBFID).

Government has envisioned the institution for expediting investment in the fund-starved infrastructure sector.

Last month, the government had appointed veteran banker K V Kamath as the chairperson of NaBFID for three years.

According to sources, the finance ministry will soon intimate the Banks Board Bureau (BBB) about the appointment of MD and DMDs of NaBFID.

The bureau will issue advertisements and undertake a selection process, sources said.

The BBB is the headhunter for state-owned banks and financial institutions.

The MD, DMDs and whole-time directors would not hold office after attaining the age of 65 years and 62 years respectively.

As per the NaBFID Act 2021, the institution would have one managing director and not more than three DMDs.

The government has committed Rs 5,000 crore grant over and above Rs 20,000 crore equity capital.

The central government will provide grants by the end of the first financial year. The government will also provide guarantee at a concessional rate of up to 0.1 per cent for borrowing from multilateral institutions, sovereign wealth funds, and other foreign funds.

The development finance institution (DFI) has been established as a statutory body to address market failures that stem from long-term, low margin and risky nature of infrastructure financing.



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Latest News Today – Twitter to Appoint Representative to Comply With New


Twitter will appoint a local representative in Turkey under a contentious social media law that allows authorities to remove content from platforms, a government official said on Friday.

Turkey’s new social media regulations entered into force in October after being passed in parliament by President Recep Tayyip Erdogan’s ruling party.

They require platforms with more than one million unique daily users to appoint representatives who can handle court orders to take down offending content within 48 hours.

Non-compliance could lead to fines or restrictions on bandwidth, blocking access to the platforms.

In January, Turkey hit Twitter, Pinterest, and Periscope with advertising bans after they failed to appoint a local envoy to take down contentious posts under the law.

Facebook has appointed a representative to comply with the Turkish law.

Turkey’s deputy minister for infrastructure Omer Fatih Sayan said on Friday that Twitter would follow the suit, the Anadolu state news agency reported.

Rights advocates see the new regulations as part of the government’s attempt to control social media and clamp down on dissent.


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