Kamath, who was Chairman and previously MD & CEO of ICICI Bank, is currently Chairman of the National Bank for Financing Infrastructure and Development. “KV Kamath is not related to any director of the company. He meets the independence criteria required by the Companies Act 2013 and the Listing Obligations and Disclosure Requirements (SEBI) Rules 2015,” RIL said in a regulatory filing.

Reliance Strategic Investments Limited (RSIL), a wholly owned subsidiary of the telecom-to-retail conglomerate led by Mukesh Ambani, also appointed Kamath as an independent director and non-executive chairman. RSIL will be renamed Jio Financial Services Limited (JFSL) and listed pursuant to a plan of demerger approved by the Board of Directors.

Kamath will continue to serve as an independent director and non-executive chairman of JFSL “after the completion of the plan and the listing of JFSL on the stock exchanges,” RIL said.

Jio Financial Services is speculated to be planning to enter various segments of the financial sector. Former SBI Chair Arundhati Bhattacharya is also a member of the RIL Board.

RSIL is an RBI-registered, systemically important (ND-SI) non-bank financial company. Pursuant to the Scheme of Demerger, RIL shareholders will receive 1 share share of JFSL at par value of Rs. 10 Rs. for each fully paid up Rs. 10 Rs. Rs. share share held in RIL (entitlement ratio). Kamath began his career at ICICI in 1971. In 1988 he joined the Asian Development Bank and spent several years in Southeast Asia before returning to ICICI in 1996 as Managing Director (MD) and CEO. After the company’s merger with ICICI Bank, he was MD and CEO of ICICI-Bank.