New Delhi, July 8 (IANS): In a first-of-its-kind appointment, the government has selected a public sector financial institution chief from the private sector, appointing Sriram Kalyanaraman as National Housing Bank CEO and MD, the finance ministry said.

An official statement here on Wednesday said Kalyanaraman, who is currently director (business development) at Equifax Credit Information Services Private Ltd., has been appointed as managing director and chief executive officer for "a period of five years from the date of his taking charge".

"The appointment of Kalyanaraman is unique in a way, as he is the first person from the private sector to head a public sector financial institution," the statement said.

The New Delhi-headquartered National Housing Bank, a wholly-owned subsidiary of the Reserve Bank of India set up on July 9, 1988 under the National Housing Bank Act, is an apex financial institution for housing.