Reliance Industries Ltd (RIL) has brought veteran banker K.V. Kamath into its financial services business.

The diversified private sector giant, with interests in oil, organised retail, telecom and now financial services, on Friday said Reliance Strategic Investments Ltd (RSIL), its wholly-owned subsidiary, has appointed Kamath as an independent director and non-executive chairman.

Last month, RIL announced RSIL would be renamed Jio Financial Services Ltd (JFSL) and listed following a scheme of demerger approved by the parent’s board of directors. Kamath will continue as an independent director and non-executive chairman of JFSL upon the consummation of the scheme and the listing of JFSL.

Kamath will also be appointed as an independent director in the parent company and will have a term of five years.

In a regulatory filing to the stock exchanges, Reliance said the board on Friday has accepted the recommendation of its human resources, nomination and remuneration committee on Kamath.

The board has recommended to the shareholders the appointment of Kamath as an independent director for a term of five consecutive years with effect from the date of assumption of office.

"Kamath satisfies the criteria of independence prescribed under the Companies Act, 2013 and Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015,” it added as it sought approval of the shareholders.

The appointment of Kamath as chairman of its financial services division is noteworthy as it could indicate RIL’s ambitious plans for this new business.

Kamath began his career in 1971 at ICICI. In 1988, he moved to the Asian Development Bank and spent several years in southeast Asia before returning to the ICICI as its managing director and CEO in 1996.

He oversaw the merger of the financial institution with ICICI Bank and became the managing director and CEO of the merged entity.

Under his leadership, ICICI transformed itself into a diversified, technology-driven financial services group across India’s banking, insurance and asset management and built a global presence.

He retired as managing director and CEO in 2009 and continued as the chairman of ICICI Bank till 2015.

He was also the chairman of Infosys and in 2015 appointed as the first president of the New Development Bank set up by the BRICS countries.