Finance Ministry Appoints PR Jaishankar Managing Director of IIFCL
- The ministry of finance appointed PR Jaishankar as the managing director of the India Infrastructure Finance Company Ltd (IIFCL) for three years.
- The appointment comes after the Bank Boards Bureau (BBB), the headhunter for state-run banks and financial institutions, recommended Jaishankar on March 15.The post lied vacant for three years before the appointment.
- Jaishankar served as the executive director of the National Housing Bank prior to this. His latest posting was approved by the appointments committee of the cabinet headed by Prime Minister Naredra Modi.
- The ministry also appointed Harsha Bangari as deputy managing director (DMD) of Exim Bank. She was the bank’s chief general manager (CGM) before this.
- While VSV Rao, executive director of IFCI has been appointed as DMD for Small Industries Development Bank of India for three years, the CGM of National Bank for Agriculture and Rural Development, Sunil Kumar Bansal, will take over as DMD of IFCI.
- IIFCL is a wholly-owned Government of India company set up in 2006 to provide long-term financial assistance 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.
- The sectors eligible for financial assistance from IIFCL are as per the Harmonized list of Infrastructure Sub-Sectors as approved by the Government and as amended from time to time. These broadly include transportation, energy, water, sanitation, communication, social and commercial infrastructure.
- Founded – September 2013
- Headquarters– New Delhi
- Managing Director & CEO– Sankara Rao
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