IDFC appoints former CAG Vinod Rai as independent director

Infrastructure financing firm IDFC today appointed former Comptroller and Auditor General of India (CAG) as independent director.

The appointment has been made with immediate effect, IDFC said in a filing on the BSE.

"This is subject to the approval of the shareholders at the ensuing annual general meeting of the company," it said.

Rai also worked as Financial Services Secretary. He was director on several boards including the State Bank of India, ICICI Bank, IDBI Bank and Life Insurance Corporation of India.

He was instrumental in setting up the India Infrastructure Finance Company Limited and was also on the board of that company.