IDBI Bank likely to consider renewal of current MD Rakesh Sharma’s term

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IDBI BANKPublic sector lender IDBI Bank is planning to consider the renewal of current Managing Director Rakesh Sharma’s term for three more years, besides planning the induction professionals and two deputy MDs by the board.

“The Bank has already started the process of appointing two new Deputy Managing Directors for the Bank, which will be through open competition from the market. The Chairman of LIC has been appointed as the non-executive Chairman of the Bank,” said the bank in its official communique.

“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 & CEO of IDBI Bank. The Bank has also already inducted in the Board, two new eminent professional independent directors (Professor from Indian School of Business and retired Executive Director, Reserve Bank of India),” it said.

In January this year, the Life Insurance Corporation of India (LIC) acquired majority control in IDBI Bank.

The new Board will handle the responsibility of planning out a new growth strategy for the bank, as also refurbish the corporate governance structure in a bid to ensure best-in-class business practices.

The lender has already began reviewing all its practices pertaining to policies including credit, investment and its internal processes, risk management with the assistance of consultants, it said.

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