State Bank of India (SBI) Managing Director B. Sriram will serve as the CEO of IDBI Bank for tenure of 3 months following a special order by the GOI.
The appointment was passed on through an official order and is the first lateral shift of senior management in decades. The vacancy for the top position opened after its CEO Mahesh Kumar Jain was named Deputy Governor of the RBI by the Appointments Committee of the Cabinet, which decides appointments to several top posts under the Government of India and is composed of the Prime Minister of India, who serves as the Chairman of the committee.
Jain has been a part of the IDBI Bank since March 2017 and was previously CEO at Chennai based Indian Bank. Jain has been appointed the 4th deputy governor’s post which lay vacant since SS Mundra retired in July 2017.