Indian Railway Finance Corporation (IRFC) has appointed Shri Ranjay Choudhary as Director (Finance) and Ms. Deepa Kotnis as Chief Financial Officer (CFO). The changes are effective from June 30, 2026.
IRFC Formalizes Leadership Transition in Finance Department
Indian Railway Finance Corporation (IRFC) has announced significant changes in its financial leadership team, with new appointments effective June 30, 2026. ## What just happened The Board of Directors has appointed Shri Ranjay Choudhary as Director (Finance) for a five-year term and Ms. Deepa Kotnis as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP). ## Why this matters These appointments bring experienced professionals to key financial roles, ensuring continuity and strategic direction in financial operations for the company. ## The backstory Shri Ranjay Choudhary, a Cost Accountant with a PhD in Finance, brings over 29 years of experience from roles at Power Finance Corporation, NTPC, and FCI. Ms. Deepa Kotnis, an Indian Railway Accounts Service officer, has over 27 years of experience in public finance and infrastructure funding, with prior roles at Bangalore Metro Rail Corporation and PFRDA. ## What changes now Shri Ranjay Choudhary will serve as Director (Finance) for five years. Ms. Deepa Kotnis will take over as CFO and KMP. Concurrently, Shri Randhir Sahay has relinquished his additional charge in these roles. ## Risks to watch No immediate risks are highlighted in the filing, but the transition in key financial roles always warrants close observation of operational continuity and strategic execution. ## Peer comparison As a leading financial institution focused on railway infrastructure, IRFC's leadership appointments are crucial for maintaining its role in funding critical projects. Similar government-backed financial entities often see appointments from within the service or through experienced professionals from other public sector undertakings. ## Context metrics (time-bound) Shri Ranjay Choudhary's term as Director (Finance) is for five years, effective June 30, 2026. Ms. Deepa Kotnis's appointment as CFO & KMP is also effective from June 30, 2026. ## What to track next Investors will monitor how the new financial leadership guides IRFC's funding strategies and financial performance in the coming years.
