On May 29, 2020, The Ministry of Finance appointed PR Jaishankar as the MD (Managing Director) of the India Infrastructure Finance Company Limited (IIFCL) for 3 years.
i.The appointment comes after the recommendation of the Bank Boards Bureau (BBB) on March 15, 2020. Since the post remained vacant for 3 years before the appointment (No one was found suitable from among the list of applicants in 2017. Subsequently, another failed attempt was made in 2018 when Pankaj Jain was chosen).
ii.BBB is the head of state-run banks and financial institutions.
i.Jaishankar, holds a Masters Degree in Technology (M.Tech) from IIT (Indian Institute of Technology), Delhi and a MBA- Finance (Master of Business Administration) from Delhi University.
i.He served as the executive director of the National Housing Bank (NHB). His posting as MD of IIFCL was approved by the appointments committee of the cabinet headed by Prime Minister Shri Narendra Modi.
ii.He has over 32 years of experience in development banking and financial domains, by handling top management and Board level roles in infrastructure, mortgage finance and capital markets.
i.The Ministry also appointed Harsha Bungari as Deputy Managing Director (DMD) of Exim Bank. She served as the CGM (Chief General Manager) of the Exim Bank.
ii.VSV Rao, Executive Director (ED) of IFCI (Industrial Finance Corporation of India) has been appointed as DMD for Small Industries Development Bank of India for 3 years.
iii.Sunil Kumar Bansal, the CGM of National Bank for Agriculture and Rural Development (NABARD), will take over as DMD of IFCI.
IIFCL is a wholly-owned Government of India (GOI) company set up in 2006 to provide long term finance to viable infrastructure projects through the Scheme for Financing Viable Infrastructure Projects through a Special Purpose Vehicle called India Infrastructure Finance Company Ltd (IIFCL), broadly referred to as SIFTI.