IDBI Bank considering renewal of term for current MD

Mumbai, March 10 (IANS) IDBI Bank on Sunday said it is considering current MD Rakesh Sharma, for appointment for a further period of three years as its MD and Chief Execuitve, besides broadbasing the board to induct professionals and two deputy MDs.

"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," IDBI Bank said in a statement.

"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.

LIC acquired majority control in IDBI Bank in January this year.

The new Board will be given the responsibility of charting out a fresh growth strategy for the Bank, as also revamp the corporate governance structure to ensure best-in-class business practices.

The Bank has also started reviewing all its policies including credit, investment and its internal processes, risk management practices with the help of consultants. it said.

Greater opportunities will emerge for employees of the Bank as it strengthens its financials through business growth.

Furthermore, the Bank has also started revamping its Performance Measurement System (PMS) - IDBI Performance Assessment and Continuous Evaluation (i-PACE) - to make it more objective and system-driven, the statement added.