B. Sriram, MD & CEO of IDBI Bank has superannuated on September 30, the bank said in a notification to the exchanges.
The government, however, is yet to decide on the new CEO of the bank which is in the process of being taken over by the LIC. “This is to inform that in terms of Government of India’’s notification dated June 29, 2018 and consequent upon attaining the age of superannuation, B. Sriram has ceased to be the MD & CEO of IDBI Bank with effect from September 30, 2018,” the notification said.
In June, after IDBI’s then MD & CEO M.K. Jain was appointed as Deputy Governor of the RBI, the government appointed Mr. Sriram as the new MD & CEO. Before joining IDBI Bank, Mr. Sriram was MD of the State Bank of India.
After Mr. Sriram joined, the government started the process of transferring its stake in the bank to Life Insurance Corporation of India, which has already received Cabinet approval.