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IIn a first, the current Chairman of the Railway Board, A.K. Mital, has got an extension to continue for two more years, confirmed multiple sources in the know.
Mital was supposed to superannuate on July 31 and with two days of holiday ahead, today (Friday) would have been his last working day.
Mital took over as Chairman on January 1, 2015. He was the first officer from the stores cadre to be made the Railway Board Chairman.
He has been asked to continue at a time when the Railways are facing massive challenges, including difficulties in meeting its loading and earnings target at one end, and the challenges of meeting the Seventh Pay Commission recommendations. There is also the challenge of merging the railway budget with the main budget of the country.
Also, the Railway Board's Advisor, Finance, P.V. Vaidialingam, has been given additional charge as Managing Director of the Indian Railway Finance Corporation (IRFC), the fund-raising arm of the Indian Railways.
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