IRFC profits nearly doubled under outgoing CMD Amitabh Banerjee

Banerjee joined IRFC in 2019 after serving as the director of finance at Konkan Railways

Amitabh Banerjee, the chairman and managing director of Indian Railway Finance Corporation (IRFC), was divested of his duties after allegations of corruption surfaced last week. There are also concerns of vigilance oversight in his appointment.

During Banerjee’s tenure, IRFC’s revenue from operations rose by 51 per cent between 2019-20 and 2020-22, jumping to Rs 20,302 crore. The profit of the company nearly doubled to Rs 6,090 crore.

Though the company had been steadily growing before Banerjee joined, posting a profit of Rs 2,045 crore in 2017-18 and 2,254 crore in 2018-19, higher infrastructure financing requirements by the Railways