IFCI Limited informed that in view of Government of India, Ministry of Finance, Department of Financial Services, letter dated November 28, 2023 (Copy enclosed as Annexure - Shri Rahul Bhave (DIN 09077979) has been appointed as Deputy Managing Director (DMD) on the Board of the Company, for a period of three (3) years, from the date of his taking over charge (i.e. November 28, 2023), or until further orders, whichever is earlier. Shri Rahul Bhave is not debarred from holding the office of Director by virtue of any SEBI order or any other authority. Shri Rahul Bhave is not related to any Director on the Board of the Company.

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 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. Additionally, he is serving in the Board of India Mortgage Guarantee Corporation Private Limited, a Mortgage Guarantee Company.

He has also served in committees established by RBI and IBA on emerging technologies in banking and Risk Management. Shri Bhave has an MBA in Public Management & Policy from IIM, Ahmedabad, and a Postgraduate in Statistics. He is also a qualified CAIIB professional.