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About MRVC

Mumbai Railway Vikas Corporation Ltd. About MRVC. Mumbai Railway Vikas Corporation (MRVC) Ltd. , a Schedule ‘A’ PSU, has been created with an equity ratio of 51:49 between Ministry of Railway (MoR) & Govt. of Maharashtra (GoM), respectively.

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About MRVC

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  1. Mumbai Railway Vikas Corporation Ltd About MRVC Mumbai Railway Vikas Corporation (MRVC) Ltd., a Schedule ‘A’ PSU, has been created with an equity ratio of 51:49 between Ministry of Railway (MoR) & Govt. of Maharashtra (GoM), respectively. MRVC executes projects under Mumbai Urban Transport Project (MUTP), i.e. suburban rail improvement projects for enhancing suburban rail transportation capacity thereby reducing the over crowding and meeting future traffic requirements.

  2. Mumbai Railway Vikas Corporation Ltd IDA PAY SCALE (2ND PAY REVISION) As per 2nd PRC (letter no.2(70)/08-DPE(WC) dated 26.11.2008), IDA Pay scales have been revised in MRVC, however Performance Related Pay (PRP) has not been implemented.

  3. Mumbai Railway Vikas Corporation Ltd Performance Related Pay Performance Related Pay is contingent to: • MoU Ratings of MRVC • Profits of MRVC. • Robust PMS in MRVC. • Remuneration Committee headed by Independent Director.

  4. Mumbai Railway Vikas Corporation Ltd Memorandum of Understanding • MRVC has signed the MoU with the Ministry of Railways every year since 2002. • MRVC has been bestowed with the “MoU Excellence Certificate” by Hon’ble Prime Minister of India for the year 2008 – 09. • MOU ratings of MRVC in the last four years are as under:

  5. Mumbai Railway Vikas Corporation Ltd Profit Before Tax of MRVC (Figures in Crores)

  6. Mumbai Railway Vikas Corporation Ltd Performance Management System • “Bell Curve Approach” under PMS stipulates that 10% to 15% Executives may be graded “Outstanding / Excellent” and 10% Executives should be graded as “Below Par” which is difficult to be adopted in MRVC. • This difficulty can be appreciated in the background that the officials are taken from Railways on Deputation, on the basis of their excellent ratings.

  7. Mumbai Railway Vikas Corporation Ltd Performance Appraisal MRVC has obtained approval of DPE for exemption of 102 below board level posts from the rule of Immediate absorption up to 30th June 2013. Looking to the nature of business of the Organization, these posts are filled up from the officials of Railways on deputation basis. Hence Annual Performance Appraisal report procedure, prevailing in Indian Railways, is being followed in cases of such deputationists.

  8. Mumbai Railway Vikas Corporation Ltd Performance Appraisal Contd. However, we have adopted a policy of absorption of the deputationists for the 10% of the cadre, since May 2011. These absorbees are taken into IDA scales. Among the Board level officials, MD and two Directors are in IDA scale. The no. of officials in IDA scales will keep increasing in future. For such IDA officials, PMS system shall be introduced for the year 2012 – 13.

  9. Mumbai Railway Vikas Corporation Ltd Remuneration Committee An Independent Director, Shri. Sujit Kumar Kar has been recently appointed by the Ministry of Railways (w.e.f. 25.06.2012) . Therefore the Remuneration Committee may be constituted now.

  10. Mumbai Railway Vikas Corporation Ltd THANK YOU

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