BBB seeks applications for post of IFCI MD

Currently, Emandi Sankara Rao, is the MD and CEO of IFCI, appointed in August 2017 for the period of three years. The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs) and state-owned financial institutions.

Banks Board Bureau (BBB), the headhunter for state-owned banks and financial institutions, has invited application from eligible candidates to head public sector non-banking finance company IFCI. IFCI, set-up in 1948 as a statutory corporation, manages six subsidiaries and one associate.

The BBB, headed by former Secretary Department of Personnel and Training B P Sharma, has asked the eligible candidates to submit an application for the post of managing director and Chief Executive Officer by July 15. As per the eligibility criteria, a candidate should not be more than 57 years of age as on July 15, 2020 and should have a post-graduate degree or equivalent in specified subjects and having worked for more than 25 years in Scheduled Commercial Banks (SCBs) or Financial Institution (FIs), a public notice said.

The candidates should have at least 3 years operational experience or exposure to project financing, domestic fund raising and at least 2 years of experience at level of whole-time Director or director in the board of bank or financial institution or as GM in nationalised banks or Executive Director (ED) in IDBI Bank or as CGM in IFCI Ltd, SIDBI, EXIM Bank or IIFCL, it said. Government officers serving as joint secretary or above in Government of India or at equivalent level in state governments regulatory bodies can also apply ‘On Deputation’ basis, it said.

"The MD and CEO, to be appointed for 3 years (extendable by further 2 years) is expected to define and shape the vision, mission and values of IFCI Ltd," it said. Currently, Emandi Sankara Rao, is the MD and CEO of IFCI, appointed in August 2017 for the period of three years.

The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs) and state-owned financial institutions. It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.