Finance minister Arun Jaitley will head the governing council of the National Investment and Infrastructure Fund (NIIF), which aims to maximise economic impact by augmenting financing of infrastructure development in the country.

Earlier this year, the Cabinet had approved creation of the NIIF with an initial corpus of Rs 20,000 crore for the development of commercially viable projects, both greenfield and brownfield, including stalled projects.

Besides Jaitley, other members of the six-member council include the economic affairs secretary, financial services secretary and State Bank chief Arundhati Bhattacharya, the finance ministry said in a statement.

The mandate of the council includes approval of guidelines for investment of trust property/corpus of NIIF and parameters for appointment and performance of investment managers/advisors.

The NIIF, a contributory and determinate investment trust under the provisions of the Indian Trust Act, 1882, has been registered.