SBI in another regulatory filing had said that central government has permitted Sriram to take voluntary retirement as MD of SBI.
B Sriram, a former managing director of State Bank of India (SBI), on Saturday took charge as the managing director and CEO of IDBI Bank. Earlier in the day, SBI said in a regulatory filing that the government has permitted him to take voluntary retirement as managing director. He was earlier this month appointed for the top position at state-run IDBI Bank for a period of three months. He replaced Mahesh Kumar Jain, who was recently named deputy governor of the Reserve Bank of India (RBI).
Prior to his appointment as CEO of IDBI Bank, Mr Sriram had been working as MD (corporate and global banking) at SBI since July 2014. He had been managing director of State Bank of Bikaner and Jaipur. Mr Sriram joined the government-run bank in 1981 as a Probationary Officer. During over three-decade-long career, he held several positions and also had a stint at SBI’s Singapore office.
IDBI Bank’s gross bad loans stood at Rs. 55,588 crore, up from Rs. 44,753 crore in March 31, 2017, according to the bank’s latest report. The Central Bureau of Investigation (CBI) is probing a Rs. 600-crore loan fraud case involving IDBI Bank. The federal probe agency had recently examined the bank’s documents related to its loan exposure to the companies of former Aircel promoter C Sivasankaran.
Meanwhile, insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) on Friday permitted Life Insurance Corporation (LIC) to pick up to 51 per cent stake in the debt ridden IDBI Bank, news agency Press Trust of India reported citing sources. The decision, they said, was taken at a the meeting of the Board of Directors of IRDAI at Hyderabad on Friday afternoon.
