Board of Directors
Dr. Emandi Sankara Rao
MD & CEO
Dr. Emandi Sankara Rao is currently serving as MD&CEO of IFCI Ltd, a Government of India Undertaking. IFCI is the oldest Financial Institution and the first Development Finance Institution of the country set up in 1948 and has been contributing towards Indian economic growth through development of infrastructure and industry. He is an alumni of IIT Bombay (PhD), IIT Kharagpur (M. Tech), Pondicherry Central University (PGDBA) and Andhra University (B.E. Electrical Engineering).
Prior to IFCI Ltd, Dr. Rao has served for over 30 years with leading Financial Institutions – IIFCL and IDFC. He has extensive experience in Project & Corporate Finance, Private Equity, Investment Banking, Infrastructure Development and Long Term Resource Raising (Domestic & Foreign Capital). He was the Founder Director & CEO of IIFCL Asset Management Company Ltd and also the Founder Director & CEO of IIFCL Projects Limited and also was associated with the IDFC Group as Director & Business Head.
Dr. Rao has been a member in the Sub-Group on Infrastructure Finance (under RBI and erstwhile Planning Commission Working Group on Savings Formulation) of the 12th Five Year Plan, member of Sub-Group on Financing Urban Infrastructure in the 12th Five Year Plan, and a member in the Ministry of Finance – DFS Committee on Debt Market Development and contributed to several research & policy papers in various National and International Conferences & Workshops. Recently, he has been recognised by the globally renowned Asia Pacific Enterprise Awards for his contribution in the field of financial services.
Besides being a Banking & Finance Specialist, Dr. Rao is also an Academician, Skill Developer & Start-up Enabler, Social Reformer and a Farmer. At present, besides IFCI, he is also Chairman on the Boards of Stock Holding Corporation of India Ltd., IFCI Factors Ltd., IFCI Venture Capital Funds Ltd. and IFCI Infrastructure Development Ltd. Further, Dr. Rao is also Chairman of the Board of Governors of Management Development Institute. He is also on the Board of Governors of Institute of Leadership Development and Entrepreneurship Development Institute of India.
Shri Sunil Kumar Bansal
Deputy Managing Director
Shri Sunil Kumar Bansal is a Chartered Accountant from ICAI, New Delhi, Cost Accountant from ICWAI, Kolkata and holds Diploma in Treasury and Forex Management from ICFAI, Hyderabad. He secured All India rank 23rd in CA Final. Shri Bansal served in NABARD at several positions and having vast experience of more than 35 years out of which 22 years as senior executive at NABARD as an Investment Manager, Financial Consultant and Development Banker.
Shri Bansal is having cumulative 10 years Board level experience in organizations like SIDBI, NABCONS & NABVENTURE. Shri Bansal headed state of Chhattisgarh and Madhya Pradesh Regional Office as Officer-in Charge/ Chief General Manager.
Shri Bansal has also proven his expertise as member of important Committees set up by Government of India like (i) Working Group on KCC constituted by DFS, MoF, GoI to review the Kisan Credit Card Scheme; (ii) Sarangi Committee on Interest Subvention and DBT; and (iii) Project Management Group where he headed the group which in consultation with Boston Consultancy Group redesigned financial and developmental products at NABARD.
Shri Bansal has headed/participated in several studies and training programme like Study of Micro-credit institutions in Philippines (1998), Exposure visit to 05 European Countries on ‘Management of Change’(2002), ‘Programme on Advanced Corporate Finance’ at London Business School, London (2008), Program on Financial Inclusion and Agriculture Credit, Brazil(2014) etc. Shri Bansal has Specialized Skills in Fund, Liquidity & Treasury Management, Domain knowledge in Finance and Supervision. He has conducted investigations in investment operations of Apex Cooperative Banks.
Besides IFCI Ltd. Shri Sunil Kumar Bansal is also Director on the Boards of Stock Holding Corporation of India Ltd., IFCI Venture Capital Funds Ltd. and MPCON Ltd.
Shri Anand Madhukar
Shri Anand Madhukar is an IRPS (Indian Railway Personnel Service) Officer of 1997 Batch. At present, he is posted as Officer on Special Duty in Department of Financial Services, Ministry of Finance, Government of India. Shri Madhukar holds a Master’s Degree in History from Hansraj College,Delhi University. He has also pursued short term courses on Ethics and Governance from UCLA, Berkeley and on Negotiation Strategies from London School of Economics.
Mr. Anand Madukar has experience of more than 22 years and has held several significant positions which include:
1. Senior Divisional Personnel Officer of Chakradharpur Division of South Eastern Railway heading HR functions for approximately 22,000 employees;
2. As Chairman of Railway Recruitment Cell of South Eastern Railway, handled Group D recruitment of app.2500 vacancies having 8 lakh applicants;
3. As Director (ACC) in DOPT, handled senior appointments in CPSEs, PSBs, Autonomous Bodies, Tribunals etc. He was awarded with Minister of Railways Award for outstanding performance for the year 2008-09.
4. As Officer on Special Duty in Department of Financial Services, Shri Madhukar has handled Pension Reforms and Banking and is currently handling Institutional Finance. He has been a Government Nominee Director on the Board of UCO Bank since 4.12.2018 and a Member of the Governing Board of Institute of Banking Personnel Selection (IBPS) since 13.3.2019.
Dr. Bhushan Kumar Sinha
Dr. Bhushan Kumar Sinha belongs to the 1993 batch of Indian Economic Service. Presently he is posted as Joint Secretary in the Department of Financial Services (DFS), Ministry of Finance, Government of India, New Delhi.
His entry into the Indian Economic Service (IES) in 1993 coincided with the economic reforms process initiated in India. Since then, as a member of the IES, Dr. Sinha has handled diverse economic & financial issues, such as facilitating financing for Indian corporations from international capital markets, regulating external commercial debt flows within the overall framework of prudent debt management for the country, development and regulation of the Indian securities market, initiating and co-ordinating pension sector reforms for the Government of India, formulating and implementing policies for promotion and growth of the Indian MSMEs.
Before joining DFS in May, 2018, Dr. Sinha had a three year stint as Economic Adviser in the Department of Investment & Public Asset Management (DIPAM). During this tenure, he was instrumental in steering the paradigm shift in the GoI’s policy strategy by facilitating migration from 'divestment-based approach' to the concept of 'efficient management of investments' in Central Public Sector Enterprises (CPSEs). Prior to DIPAM, Dr. Sinha was posted as Director in the office of the Finance Minister.
Dr. Sinha holds a Master’s degree in Business Administration (MBA) from the National Graduate School of Management (NGSM), Australian National University (ANU), Canberra, Australia and a Ph.d. from the Department of Financial Studies, University of Delhi. The topic of his doctoral dissertation was “Valuation of IPOs in India- An Empirical Study”. Dr. Sinha also holds a Law degree from the Campus Law Centre, University of Delhi.
Besides IFCI Ltd, Dr. Sinha is also GoI’s Nominee Director on the Board of Directors of Central Bank of India.
Prof. N. Balakrishnan
Prof. N. Balakrishnan is an Honorary Professor at the Department of Aerospace Engineering and at the Supercomputer Education and Research Centre. He joined the Department of Aerospace Engineering as an Assistant Professor. He has also held the positions of Associate Director of the Indian Institute of Science; Chairman, Division of Information Sciences and Chairman, Supercomputer Education and Research Centre.
He has done 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 is a Fellow of The World Academy of Sciences (TWAS), Indian National Science Academy, Indian Academy of Sciences, Indian National Academy of Engineering, National Academy of Sciences and Institution of Electronics &Telecommunication Engineers.
Prof. N. Balakrishnan has received many notable accolades including the Padmashree by the President of India in 2002, Prof S N Mitra Memorial Award, 2013 of the Indian National Academy of Engineering, IETE Diamond Jubilee Medal 2013, Homi J. Bhabha Award for Applied Sciences, 2004, JC Bose National Fellowship in 2007, the Alumni Award for Excellence in Research for Science & Engineering by IISc, 2001 and Millennium Medal of the Indian National Science Congress in 2000 among others.
Prof. N. Balakrishnan was the Chairman of Data Security Council of India and is currently one of its Directors.
Besides IFCI, Prof. N. Balakrishnan is also on the Board of Indian Institute of Information Technology and Management, Kerala and Equitas Small Finance Bank Limited. He has also been in the past, a member of the National Security Advisory Board. He was also one of the Directors of the Bharat Electronics Limited (BEL), and a Part-Time Member of the Telecom Regulatory Authority of India.
Prof. Arvind Sahay
Prof. Arvind Sahay is Professor of Marketing and International Business, 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 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., Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC) and HIL Ltd.
Shri MML Verma
Shri MML Verma, is M.A. in English and M.Phil. Shri Verma started his career as English Teacher and subsequently worked as Inspector of Customs and Central Excise in Uttar Pradesh during 1983-85. Thereafter, he joined LIC as Assistant Administrative Officer in 1985 and worked in various capacities at different locations across the country. In 2020, Shri Verma has retired from LIC as Executive Director.
During his tenure in LIC, he had worked at various locations including Madhya Pradesh, Uttarakhand, Uttar Pradesh, Maharashtra, Rajasthan and Delhi etc. He had worked across positions inter-alia including Senior Branch Manager (in-charge) at Kashipur and Pilibhit, Branch Manager in Haldwani Division. He had handled the assignment of Marketing Manager while posted at Mumbai Office of LIC. During the latter part of his tenure with LIC, Shri Verma had also worked as Business Development Manager of Western Zonal Office; Senior Divisional Manager (in-charge) of Mumbai Division – II and Division – III; Secretary (CRM) in Northern Zonal Office, Chief in Investment (Monitoring & Accounts) and Chief in Investment (Operations) Departments. In his career, he has gained valuable experience in various fields like Business Development, Investment and Marketing etc. He had also worked as a Director of North Central Zonal Training Centre, Agra, imparting training to junior level personnel of North Central Zonal comprising of Uttar Pradesh and Uttarakhand.
He had also handled the post of Secretary General, Office of the Executive Council of Insurers, Mumbai.
During his tenure at LIC, he also authored various books titled “Abhikarta Primer” and “Jeevan Suraksha Primer” officially published by the Division for agents. Shri Verma had also authored 3 books titled “Key Man Insurance”, “D-Return Primer” and “Underwriting Primer” which were also officially published by the Division for agents. Also wrote abook “AGENT’s KIT” (a set of 5 books comprising around 1400 pages), and a book“ULIP PRIMER” [both published by Central Office of LIC], and a manual of office procedure for office of Executive Council of Insurers and Offices of Insurance Ombudsman.Wrote almost 20 books in total.