The cash-strapped IFCI has effected transfer of 94 executives to improve its overall functioning.
The financial institution has incurred about Rs 1.25 crore in providing transfer, travel and other allowances at a time when it is battling hard to emerge stronger financially and organisationally.
Sources said that the process of transfer is far from complete and some more employees will be transferred in the coming days.
Employees, however, view the transfers as a move by chairman P V Narasimham to shake up the system. "The chairman has tried to clean up the operations by ensuring that people who have been in one post and against whom some complaints are pending, are transferred," said a source.
The list of those already transferred includes over two dozen employees in the rank of deputy general manager and above and some 50-odd other executives. Five general manager-level executives have also been transferred to Mumbai.
IFCI's top brass, however, play down the transfers saying that a number of executives have been transferred in order to strengthen the operations of the institution's Mumbai office.
"This is in line with the recommendations of the expert committee headed by former State Bank of India chairman D Basu," said a senior executive with the financial institution.
Sources said that in the last year, there were some 125 "separations" from IFCI which have resulted in the transfers. The separations have been on various counts including voluntary retirement scheme where nearly 80 executives opted for the scheme. "There were also some resignations and removals from the institution," a senior executive said. Some portfolios have also been clubbed so that the operations are strengthened, he added.
They also point out that the financial institution is in the process of strengthening its management cadre and has inducted nearly 30 management graduates from top institutions such as Management Development Institute (MDI) in Gurgaon and Narsee Monjee Institute of Management Sciences in Mumbai.
A few Delhi School of Economics graduates are also being inducted to develop a strong team with cross specialisation in finance and economics.
"As a policy, it has been decided that there is a need to change the age profile and, therefore, we are going in for young professionals," the executive said.
