Board of Directors
Composition of Board level Committees
Terms of Reference of Board level Committees
Shri Rahul Bhave
Deputy Managing Director
Shri Rahul Bhave is a senior banker with over 24 years of commercial banking experience in various capacities and has served across the country. He has served in National Housing Bank as Executive Director since 2020. He has worked to encourage a sound housing and housing finance system in the country, through effective supervision of HFCs and refinance to strengthen the grassroot credit delivery network.
Has experience of heading zone in commercial Bank. Apart from his expertise in retail operations, he also carries experience in the areas of Refinance, Supervision, Recovery, Risk Management, and IT.
Shri Bhave is an MBA in Public Management & Policy from IIM, Ahmedabad, and a Postgraduate in Statistics. He is also a qualified CAIIB professional.
Besides IFCI Ltd. Shri Rahul Bhave is also on the Board of Stock Holding Corporation of India Ltd., IFCI Venture Capital Funds Ltd. and IFCI Infrastructure Development Ltd. Shri Rahul Bhave is also Member of the General Body of Entrepreneurship Development Institute of India and Management Development Institute. Further, he is also the Chairman of Board of Trustees of IFCI Social Foundation.
Shri Jitendra Asati
Government Director
Shri Jitendra Asati, Director, Department of Financial Services, the All India Topper of Indian Economic Service, joined the Government as an Economist Bureaucrat in January 2010. During these formative years, he has served with distinction in various roles with Ministry of Finance, India’s Mission in Washington DC and Ministry of Petroleum & Natural Gas. Before joining Government, Shri Asati served as Gr B Officer in RBI.
Shri Asati left indelible imprints as the Assistant Director in Ministry of Finance, where he handled the desks of Financial Stability and Development Council, External Markets and Foreign Direct Investment. He played a crucial role in shaping External Commercial Borrowings Policy and drafting investment regulations under Foreign Exchange Management Act.
At Washington DC, Shri Asati was instrumental in strengthening cooperation between India and the US on critical arenas of Economic, Trade & Investment Relations. As Officer on Specials Duty to the Union Petroleum Minister, he made significant contributions in driving multiple path-breaking reforms in the Oil and Gas Sector pertaining to Pricing reforms, Subsidy rationalization and enhancing the ease of living.
Shri Asati has received gold medals during academic studies and Certificate of Excellence. He holds M.Phil from Jawahar Lal Nehru University and the All India Junior Research Fellowship. He has written many articles in prominent Journals and leading economic dailies on a wide range of subjects, including economic reforms and good governance, oil price volatility, sustainable energy and bilateral economic cooperation.
Besides IFCI Ltd. Shri Asati is also on the Board of The Oriental Insurance Company Limited.
Shri Surjith Karthikeyan
Government Director
Shri Surjith Karthikeyan, Director, Department of Financial Services, Ministry of Finance, Government of India, is an officer of Indian Economic Services (2010 batch).
Shri Karthikeyan holds master’s in public administration from National University of Singapore, Master of Arts in Economics from Kerala University, and National Eligibility Test (NET) with Junior Research Fellowship (JRF) from University Grants Commission (UGC).
Earlier, he had worked in the Financial Stability & Development Council (FSDC) wing of Ministry of Finance, and Ministry of Environment, Forest and Climate Change, Government of India. Shri Karthikeyan represented India in the Financial Stability Board (FSB) Working Group of G20 Countries during October 2018-March 2021 and was internally involved in various inter-regulatory groups of FSDC. Shri Karthikeyan also received appreciation letter from Director General, Computer Emergency Response Team in India (CERT-In) for his outstanding contribution to CERT-Finance architecture.
Shri Karthikeyan has authored several Books and written many articles in leading economic dailies/journals on a wide range of subjects.
Besides IFCI Ltd. Shri Karthikeyan is also on the Board of National Credit Guarantee Trustee Company Limited and India Infrastructure Finance Company (UK) Limited.
Prof. N. Balakrishnan
Non – Executive Director
Prof. N. Balakrishnan received his B.E. (Hons.) in Electronics and Communication from the University of Madras in 1972 and Ph.D. from the Indian Institute of Science in 1979. He then joined the Department of Aerospace Engineering as an Assistant Professor. He was a Professor at the Department of Aerospace Engineering and at the Supercomputer Education and Research Centre, till July 2015. Thereafter, he was Honorary Professor at the Supercomputer Education and Research Centre, Indian Institute of Science till July 2020 and is currently an INSA Senior Scientist at the Indian Institute of Science. He has held the positions of Associate Director of the Indian Institute of Science during September 2005 to March 2014; Chairman, Division of Information Sciences during 1999-2005; Chairman, Supercomputer Education and Research Centre during 1994-2001.
His areas of research where he has several publications in the international journals and international conferences include Numerical Electromagnetics, High Performance Computing and Networks, Polarimetric Radars, Aerospace Electronic Systems, Information Security Complex Social Networks and Digital Library.
He is currently a Member of the Joint Advisory Board of Carnegie Mellon University at Qatar and Member of the Board of Governors of IIT Kharagpur and IIITMK, Kerala and a Member of the Advisory Committee of the International Knowledge Centre for Engineering Sciences and Technology, Beijing, China.
He was in the past, a member of the National Security Advisory Board and the Board of Governors of IIT Delhi and of IIT Madras, a member of the Council of CDAC, a member of the Council of the Indian Statistical Institute Kolkata and Member of SAC to the Cabinet, and Director of the Central Bank of India and CDOT-Alcatel Research Centre at Chennai. He was also one of the Directors of the Bharat Electronics Limited (BEL), BSNL and a Part-Time Member of the Telecom Regulatory Authority of India.
Besides IFCI Ltd. Prof. Balakrishnan is also on the Board of Data Security Council of India and Indian Institute of Information Technology and Management Kerala.
Prof. Arvind Sahay
Non – Executive Director
Prof. Arvind Sahay has joined Management Development Institute (MDI), Gurgaon as Director and Professor of Marketing and International Business in October 2023. Prior to MDI he has served as Professor of Marketing and International Business and ex-Dean (Alumni & External Relations) at IIM Ahmedabad. He is Ph.D. from University of Texas Austin and B.Tech. from IIT Kanpur. He did Post Graduation Diploma in Business from IIM Ahmedabad.
Prof. Sahay has authored more than 50 cases and published in leading international journals like the Journal of Marketing, Journal of Product Innovation Management, Journal of International Business Studies, Sloan Management Review, Vikalpa, the Journal of Academy of Marketing Science and Journal of Indian Business Research. His article in the Journal of Academy of Marketing Science is one of the most widely cited papers in marketing. He has been a regular columnist for Outlook Business magazine on marketing strategy and has also written for the leading Indian business newspaper, Financial Express, on economics and business. He is the author of a case book on marketing strategy called Cases in Pricing, Marketing Communications and Distribution.
Professor Sahay is the recipient of the University Wide Outstanding Dissertation Award from the University of Texas at Austin (for his Ph.D thesis), the Innovation in Teaching Award at London Business School and of the Dewang Mehta Best Teacher Award in Marketing Management and the UTV Bloomberg Best Marketing Professor in India. He was also nominated to the Thinkers50 India list by the Institute of Competitiveness, Harvard Business School.
Professor Sahay has been a visiting faculty at EADA (Spain), the Mason School of Business at the College of William and Mary (USA), University of Texas at Austin (USA), IIM Lucknow, Asian Institute of Technology, (Vietnam), Gordon Institute of Business Science, University of Pretoria (South Africa), SP Jain Institute of Management Research (Singapore, Dubai), Retail Alliance (Dubai) and Indian School of Business, Hyderabad.
Besides IFCI, Professor Sahay is also on the Board of Brandscapes Consultancy Pvt. Ltd., HIL Ltd., Matter Motor Works Private Limited, lndia International Bullion Exchange IFSC Ltd., Vdna India Private Limited and Tata AIA Life Insurance Company Limited.
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Shri Surendra Behera
Non – Executive Director
Shri Surendra Behera did his graduation in Economics and Post-graduation in Personnel Management and Labour & Social Welfare from Utkal University, Bhubaneswar. He was appointed as direct recruit officer in cadre of AAO (14th Batch) in LIC of India in 1986. He has been associated with LIC of India since then and has become Executive Director in 2019.
He has also served as a Head of Marketing Department of Branch, Division, Zonal and Central offices at LIC of India. Besides being a marketing expert, he had an illustrious career as Head of Personnel and Legal Departments at Division and Zonal Levels.
He is Ex-LIC In-charge of Zonal Training Centre of LIC of India under East Central Zone.
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Shri Arvind Kumar Jain
Non – Executive Director
Shri Arvind Kumar Jain is a Gold Medallist in M.Sc. (Statistics) and is a Law graduate.
He is Ex-ED, Punjab & Sind Bank and has rich Banking experience of around 40 years with expertise in Treasury Corporate Credit, International Banking, Equity & Debt Capital raising, Compliances and Risk Management. In Banking, his career remained quite bright and he headed the branches/ controlling offices besides worked in Head Office of the Bank. As a Chief General Manager of the Oriental Bank of Commerce, he headed the Large Corporate Credit Department and as a General Manager, he headed Integrated Treasury and International Division, Mid Corporate Credit, Merchant Banking Division, Investor Relation etc.
He is also on the Board of PNB Investment Services Limited, Nabsamruddhi Finance Limited, IFCI Venture Capital Funds Limited, PNB Metlife India Insurance Company Limited, SIDBI Venture Capital Limited, Bank of India Trustee Services Private Limited and Paytm Payments Bank Limited.
Shri Umesh Kumar Garg
Independent Director
Shri Umesh Kumar Garg is a practicing Chartered Accountant. Shri Garg is a Commerce and Law Graduate from Agra University. He has also completed his Diploma in Information System Audit (DISA) from The Institute of Chartered Accountants of India (ICAI).
He is a senior partner in firm named Umesh Amita & Co. He is currently on the Board of Incredible Insurance Surveyors & Loss Assessors Private Limited and Harkiran Professional Consultants Private Limited. He has an experience of around 32 years in field of Corporate Law, Finance, Insurance Management, Project Management and Taxation (Direct & Indirect).
He is a fellow member of The Institute of Chartered Accountants of India (ICAI), Institute of Valuers, Institute of Insurance Surveyors & Loss Adjusters and Indian Council of Arbitration.
He has also been the Chairman of Central India Regional Council of The Institute of Chartered Accountants of India (ICAI) for the year 2015-16 and executive member of the same for the year 2012-13, 2013-14 and 2014-15.