Industry

IDBI Bank mulls giving three-year term to CEO

Centre appointed Sharma as MD and CEO for 6 months

IDBI Bank is considering giving MD and CEO Rakesh Sharma a three-year term, the lender said in a statement on Sunday.

Mr. Sharma was appointed by the government as the MD and CEO of IDBI Bank in October for a period of six months. The Life Insurance Corporation of India (LIC) had become the majority shareholder of the bank with 51% stake.

“The bank is considering the name of Rakesh Sharma, the current MD of the bank, for appointment for a further period of three years as MD and CEO of IDBI Bank,” the bank said, adding that the LIC chairman has been appointed as the non-executive chairman of the bank.

Director appointments

The bank has recently appointed Deepak Singhal, former executive director, Reserve Bank of India, and Sanjay Kallapur, professor at Indian School of Business, as independent directors.

“The new board will be entrusted with the responsibility of charting out a fresh growth strategy for the bank and revamping the corporate governance structure to ensure best-in-class business practices,” the bank said.

All policies, including credit, investment and internal processes and risk management practices, were under review with the help of consultants, it added.

Recently, the bank had started the process of appointing two new deputy managing directors and had invited applications for the post.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 5, 2020 7:27:10 PM | https://www.thehindu.com/business/Industry/idbi-bank-ceo-extension/article26488931.ece

Next Story