Friday, June 24, 2022

Shelly Verma appointed as Director (Finance) of IRFC

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New Delhi: The Appointment Committee of the Cabinet (ACC) headed by the Prime Minister has approved the appointment of Shelly Verma as Director (Finance) of Indian Railway Finance Corporation (IRFC), a finance arm of the Indian Railway and Miniratna PSU under the Ministry of Railways. According to an order from the Department of Personnel & Training (DoPT), Shelly has been appointed to the post with effect from the date of taking over charge of the post with effect from the date of her assumption of charge of the post and till April 30, 2025, i.e. the date of her superannuation, or until further orders, whichever is earlier. She is currently serving as Executive Director in Power Finance Corporation (PFC), a Navratna PSU under the Ministry of Power.

Earlier, PSU Watch had reported that Shelly had been recommended for the post of Director (Finance) of IRFC by a PESB panel on March 9. She was recommended from a list of four candidates, who were interviewed by the selection panel.

As Director (Finance) of IRFC, Verma will be a member of the board of directors of IRFC and will report to the Chairman and Managing Director (CMD). She will be overall in-charge of finance and accounts functions of the organisation and be responsible for evolving and formulating policies relating to finance and accounts as well as implementation thereof.

Also read: PFC eyeing over 25% growth in funds from capital gain bonds this fiscal

Indian Railway Finance Corporation (IRFC)

Indian Railway Finance Corporation (IRFC) is a Miniratna Public Sector Enterprise under the administrative control of the Ministry of Railways. It is also registered as a systemically important non–deposit taking non-banking financial company (NBFC – ND-SI) and infrastructure finance company (NBFC- IFC) with the Reserve Bank of India (RBI). The company has more than 30 years of existence. IRFC has played a significant role in supporting the expansion of the Indian Railways and related entities by financing a significant proportion of its annual plan outlay. IRFC’s cumulative funding to rail sector has crossed Rs 1.80 lakh crore as of March 31, 2017, and is all set to cross Rs 2.20 lakh crore by the end of March 2018. The funds are utilized for acquiring rolling stock assets and also building up infrastructure, constituting a significant part of the annual capital expenditure of Indian Railways. So far, it has funded the acquisition of 8,998 locomotives, 47,910 passenger coaches, 2,14,456 wagons, which constitute around 70 percent of the total rolling stock fleet of Indian Railways.

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