IDBI Bank’s Board of Directors has approved the reappointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, effective from March 19, 2025. The decision follows the Reserve Bank of India’s (RBI) approval.
Rakesh Sharma has been leading IDBI Bank since October 10, 2018. Before this role, he served as the MD & CEO of Canara Bank from September 2015 until his retirement in July 2018.
The re-appointment comes amid ongoing efforts by IDBI Bank’s promoters — Life Insurance Corporation of India (LIC), which holds a 49.24% stake, and the Government of India, with a 45.48% stake — to disinvest their holdings.
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In October 2022, the Government initiated a strategic disinvestment process by issuing a Preliminary Information Memorandum to seek expressions of interest for the sale of its and LIC’s equity stake, along with the transfer of management control of IDBI Bank.
Sharma’s leadership is expected to continue steering the bank through this transitional phase and beyond.
