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Indian Railways Institute of Financial Management

Posted on : 31 Dec 2019

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  • The chairman of railway board recently inaugurated the Indian Railway Institute of Financial Management at Moula-Ali, Secunderabad.
  • Built by Rail Vikas Nigam Limited (RVNL), IRIFM would be meeting 90% electricity needs through solar power, is covered with rainwater harvesting structures and has a 100% waste water treatment plant.
  • It has 10 different functional blocks for administrative, academics, auditorium, hostels, sports, library, mess etc., and can handle around 150 trainees at a time.
  • The ensuing batch of probationers belonging to Indian Railway Accounts Service (IRAS) will have opportunity to get trained here.
  • RVNL has also been tasked to build the upcoming Indian Railways University - National Rail and Transportation Institute, at Vadodara.
  • To bridge the infrastructure deficit on Indian Railways, the then Prime Minister, Shri Atal Bihari Vajpayee announ​ced National Rail Vikas Yojana (NRVY) on 15th August 2002.
  • NRVY was formally launched on 26th December 2002.
  • To implement NRVY, RVNL was incorporated as an 100% owned PSU of Ministry of Railways (MoR) on 24-1-2003 with the twin objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis. RVNL became fully functional by March 2005.
  • It is empowered to act as an Umbrella SPV to undertake project development, resource mobilization etc. directly or by creating project specific SPVs or by any other financing structure found suitable.
  • RVNL’s mandate includes mobilization of extra budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like Asian Development Bank and bilateral agencies for project execution through PPP by formation of project specific SPVs for Port and Hinterland connectivity.
  • RVNL can enter into and carry on business relating to creation and augmentation of capacity of rail infrastructure on fast track.
  • RVNL has been granted Mini Ratna-I status on 19-9-2013.

Article Related Questions

  1. Indian Railway Institute of Financial Management (IRIFM) was recently set-up in Secunderabad. In this context, consider the following statements
    1.IRIFM would meet its entire electricity needs through solar power.
    2.It is built by Rail Vikas Nigam Limited (RVNL).
    3.RVNL has the objective of raising extra-budgetary resources for capacity augmentation of railway infrastructure.
    Which of the above statements is/are correct?

  2. 1.1 and 2 only

    2.1 and 3 only

    3.2 and 3 only

    4.1, 2 and 3

    Right Ans : 2 and 3 only

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