No candidate found suitable for IRFC’s CMD role: PESB

New Delhi: The Public Enterprises Selection Board (PESB), the public sector head hunter body of the government, did not find any suitable candidate for the post of Chairman and Managing Director (CMD) of Indian Railway Finance Corporation (IRFC). In the selection panel's interview-cum-selection meeting held on Tuesday, three candidates appeared.

Out of three candidates, one candidate was from IRFC and one each from Housing & Urban Development Corporation Limited (HUDCO) and Indian Railways.

"Keeping in view the strategic importance & vision for the company and its future, and the performance of the candidates interviewed, the board did not recommend any candidate and advised the Ministry of Railways to choose an alternative method of selection, including Search-cum-selection Committee (SCSC), as deemed appropriate for the selection with the approval of competent authority," the PESB panel said in a notification issued on Tuesday.

In April this year, IRFC had posted the job vacancy for a CMD through the PESB portal. The post will fall vacant on January 1, 2024. Currently, Shelly Verma is serving as CMD of IRFC.

IRFC is the dedicated funding arm of Indian Railways. The company was set up in December 1986 for mobilising funds from domestic and overseas markets to meet the pre-dominant portion of extra-budgetary resources requirement of Indian Railways. IRFC is a Miniratna Public Sector Enterprise under the administrative control of the Ministry of Railways.

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