Malay Mukherjee may join IFCI

Mukherjee who have more than 35 years of experience in banking, joined Indian Bank as a probationary officer in 1976

The government is likely to appoint Malay Mukherjee as managing director and CEO of IFCI Ltd. Mukherjee, 58, who is currently the executive director of Central Bank of India, is likely to be handed a three-year term.

Having joined Indian Bank as a probationary officer in 1976, Mukherjee has more than 35 years of experience in banking. Apart from working in various branches in Assam, Bihar, West Bengal, Maharashtra and Gujarat, he has also worked in risk management and technology management departments.

Mukherjee took over as executive director of the Central Bank of India in November last year, looking after portfolios such as credit, human resources, operations, customer services, priority sector, and recovery, among others.

Santosh Nayar, IFCI’s present CEO, is set to join India Infrastructure Finance Co as chairman and managing director. Nayar, who was a deputy managing director of State Bank of India, had joined IFCI in July this year.

IFCI is facing asset quality issues, which have impacted its profitability. For the first six months of the current financial year, its profit after tax was Rs 195 crore, compared to Rs 224 crore recorded during the year-ago period. IFCI, in which the government holds 55 per cent, has applied to the Reserve Bank of India for a bank licence.