IFCI Limited informed that in terms of the Article 124(i) of the Articles of Association of the Company, the Government of India, Ministry of Finance, Department of Financial Services has nominated: Shri Jitendra Asati, Director, Department of Financial Services (DFS), Ministry of Finance as Director on the Board of Directors of IFCI Ltd. vice Shri Mukesh Kumar Bansal (vide Letter No. F.No. 18/7(1)12022-IF-I dated March 27, 2024) with immediate effect and until further orders.

Shri Surjith Karthikeyan, Director, Department of Financial Services (DFS), Ministry of Finance as Director on the Board of Directors of IFCI Ltd. vice Shri Kartikeya Misra (vide Letter No. F.No. 18/7(0/2022-IF-I dated March 27, 2024) with immediate effect and until further orders.

Accordingly, Shri Mukesh Kumar Bansal and Shri Kartikeya Misra ceased to be Directors on the Board of IFCI effective from March 27, 2024. Shri Surjith Karthikeyan aged about 38 years is Director, Department of Financial Services, Ministry of Finance, Government of India. He is an officer of Indian Economic Services (2010 batch).

Shri Karthikeyan holds master's degree 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. He 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 Jitendra Asati aged 41 years, is Director, Department of Financial Services, Ministry of Finance, Government of India. He was an All India Topper of Indian Economic Service (2009 batch), joined the Government as an Economist Bureaucrat in January 2010. Shri Asati has received gold medals during academic studies and Certificate of Excellence.

He holds master's degree in philosophy (Economics) from Jawahar Lai Nehru University and the All India Junior Research Fellowship. He has served with distinction in various roles with Ministry of Finance, India's Mission in Washington DC and Ministry of Petroleum & Natural Gas. 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 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 the External Commercial Borrowings Policy and drafting investment regulations under Foreign Exchange Management Act.