The Banks Board Bureau (BBB) has relaxed the eligibility criteria for the post of managing director of the National Bank for Financing Infrastructure and Development (NaBFID). In its latest notice, the appointment agency has also revealed that the role will have a compensation package – total of fixed pay and performance bonus – of Rs 3.36 crore per annum. The final date for sending in applications has been extended to March 25 from March 7.

An applicant must be a graduate or equivalent or have a professional qualification of CA/MBA or its equivalent. The original eligibility criteria, released on February 2, required applicants to be postgraduates or equivalent or have a professional qualification of CA/MBA or its equivalent.

Applicants will now be required to have at least two years of current or prior experience at a board level position or MD/CEO level as of January 31, 2022, including part or whole of this experience in an institution with a balance sheet of more than Rs 3 lakh crore as of March 31, 2021. The original eligibility criteria required applicants to have at least three years of experience in such a role.

In a separate development, the Reserve Bank of India (RBI) on Wednesday said it will regulate and supervise NaBFID as an all India financial institution (AIFI) under Sections 45L and 45N of the RBI Act, 1934. It will be the fifth AIFI after EXIM Bank, Nabard, NHB and SIDBI.

Veteran banker KV Kamath is the chairman of NaBFID, a development finance institution (DFI) which was set up as per the proposals of the FY22 Budget. The DFI was set up to support the development of long-term infrastructure financing. The BBB is also conducting the process for appointing three deputy managing directors at NaBFID.