Rakesh Sharma reappointed MD, CEO of IDBI Bank

IDBI Bank informed the stock exchanges that its board has approved the reappointment of Rakesh Sharma as the managing director and chief executive officer (MD&CEO) of the bank for a period of three years, effective March 19, 2022.

Sharma’s reappointment as the MD&CEO of the bank has received the banking regulator, RBI nod, the exchange notification said. Sharma was initially appointed as the MD&CEO of the bank in October 2018.

The move comes amid the government’s effort to privatise the bank by selling a part of its stake. LIC, which is the promoter of the bank, is also expected to sell some part of its stake in the bank in the privatisation process. However, it has expressed its intention of not fully exiting the bank, given the strategic partnership it has with the lender when it comes to the bancassurance business.