New Delhi: K Vinayak Rao (IRAS) has taken over as the Member (Finance) on the Board of the Airports Authority of India (AAI), a Miniratna PSU under the Ministry of Civil Aviation, on Wednesday. Prior to this appointment, Rao was serving as Member (Finance) in Delhi Development Authority (DDA). According to an earlier order from the Appointments Committee of the Cabinet (ACC), Rao has been appointed on the post for a period with effect from the date of his assumption of charge of the post, i.e. May 13, till the date of his superannuation, i.e. October 31, 2022, or until further orders, whichever is earlier.
Earlier, PSU Watch had reported that Rao was recommended for the post of Member (Finance) of AAI by a PESB panel on January 10. He was selected for the post from a list of 11 candidates, who were interviewed by the selection panel.
Education & background
Rao is an alumnus of St Stephen’s College of Delhi. He holds a Master’s degree in Mathematics.
Rao is an Indian Railways Accounts Service (IRAS) officer of 1987 batch. During his tenure in Indian Railways, he had served in various capacities in zonal Railways, construction projects, and production units. He had worked as Executive Director (Finance Expenditure) in Railway Board (Ministry of Railways) from 2009 to 2014. He was also on the Board of Pipavav Railway Corporation Limited (PRCL) and Railway Energy Management Company (REMC) Limited.
Apart from this, Rao has a wide experience in power sector too as he has served as Member (Finance) in the erstwhile Maharashtra State Electricity Board and Director (Finance) in the four restructured companies from 2003- 2009. He played an instrumental role in the restructuring of the Maharashtra State Electricity Board (MSEB).
New role and responsibility
As Member (Finance) of AAI, Rao will be the overall in-charge of Finance, Accounts and Financial operation of the organisation. He will also be responsible for evolving, formulating policies and strategies related to the entire gamut of finance operation, including resource mobilization and statutory compliances. Rao will also play a leadership role and provide effective support in achieving sustained growth of the organisation’s business.