Vijay Kumar, Additional Member (Budget), Railway Board, has taken over additional charge of Managing Director, IRFC, from July 26.
Kumar is an officer of the Indian Railway Accounts Service of 1982 batch and holds a Masters of Science degree from the Patna University. Kumar brings with him rich and varied experience in finance and accounting for a period spanning more than 35 years in the Indian Railways.
He replaces SK Pattanayak, another Indian Railway Accounts Services (IRAS) officer, who was the Managing Director, for one year and five months. The reason for Pattanayak’s premature departure is not yet clear. The Appointments Committee of Cabinet had approved Pattanayak’s appointment to the post for five years, according to an order issued by the Department of Personnel and Training. He has had earlier stints with multiple public sector units and had also won awards, including best probationer, and in office automation. Pattanayak could not be reached for a comment.
On the IRFC website is a message from its Chairman about IRFC set to record another milestone in its history by becoming a listed company and raising equity capital from the market. Over the past 30 years, IRFC has been recognised as the leader amongst the financial institutions of its genre.
As the dedicated borrowing arm of Indian Railways, IRFC has consistently financed a significant component of Indian Railways’ capital investment programme through financial lease mechanism, and recently successfully diversified into financing construction projects for Indian Railways.
IRFC has made its own mark in the financial market for its slim organisational setup, professional workforce, strong management and robust internal systems, which have been providing adequate comfort to the stakeholders at large, the Chairman said.