Saturday, October 1, 2022

Shelly Verma set to be Director (Finance) of IRFC

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New Delhi: Shelly Verma is set to be Director (Finance) of Indian Railway Finance Corporation (IRFC), a finance arm of the Indian Railway and Miniratna PSU under the Ministry of Railways. She has been recommended by a Public Enterprises Selection Board (PESB) panel on Monday. Currently, she is working as Executive Director (ED) in Power Finance Corporation (PFC) Limited, a Navratna PSU under the Ministry of Power.

Shelly Verma has been recommended for the post of Director (Finance) of IRFC by a PESB panel. She is currently serving as Executive Director in the Power Finance Corporation (PFC)

Verma has been recommended for the post of Director (Finance) of IRFC from a list of four candidates, who were interviewed by the selection panel. The other candidates, who were on the list were from Power Finance Corporation (PFC), Projects & Development India Limited (PDIL) and Lanco Anpara Power Limited.

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 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). 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 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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