New Delhi: The government is likely to appoint heads of four public sector financial institutions—Exim Bank, IFCI, Sidbi and IIFCL—by the middle of next month.
The finance ministry has already concluded interviews of 32 candidates for the post of managing directors of the financial institutions and the shortlisted names will soon be sent to Appointments Committee of Cabinet (ACC), headed by Prime Minister Narendra Modi.
Sources said the ACC approval should come by mid-July and that the government intended to fill vacancies in these institutions as soon as possible.
The 6-member panel comprising of Financial Services Secretary, Department of Personnel and Training Secretary and other experts had interviewed candidates last week as Banks Board Bureau (BBB) declined to carry out the process of selection for these vacancies citing technicalities, sources said. BBB, set up by the Prime Minister in April last year, was entrusted with the task of finding candidates for the executive heads of state-owned banks and financial institutions.
Other members of the panel include a Reserve Bank of India deputy governor, former chairperson of Allahabad Bank Shubhalakshmi Panse, IndAsia Chairman Pradip Shah and IIM Indore Director R T Krishnan to select heads of India Infrastructure Finance Company Ltd (IIFCL), Export-Import Bank of India (Exim Bank), Small Industries Development Bank of India (Sidbi) and IFCI.
Some of these organisations have been running without full-time managing directors for the past six months. The post of MD at the country’s oldest financial institution IFCI has been vacant since 12 December, while vacancy for the head of IIFCL will come up in June.
Sidbi has no regular managing director since December, while additional charge of MD of EXIM Bank was given to its DMD David Rasquinha for a period of six months effective 21 February.
At the same time, the government has given the additional charge of chairman of IIFCL to its deputy managing director Sanjeev Kaushik, a 1992 batch Kerala cadre IAS officer. He assumed charge from 12 June.
Applications from the eligible candidates were invited on 20 March for IFCI and IIFCL, while the last date for Exim Bank was 15 March and for Sidbi it was 17 March.