The Silicon Review ^Asia

IDBI Bank informed on Sunday that it is planning to renew the term of service for the current MD Rakesh Sharma, for a further period of three years. He will be appointed again as the bank’s Managing Director and Chief Executive. The Bank has also appointed two new professional independent directors, one is a professor from Indian School of Business and other is aretired Executive Director, Reserve Bank of India.  They have been included in the Board of directors.

"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. LIC has acquired a 51percentshare in IDBI Bank which has paved way for an insurance behemoth into the banking area.

The responsibilities of leading the company’s growth and coming up with innovative business strategies come on the shoulders of new Board members. It is anticipated that they will rebuild the corporate governance structure to be a leader in the banking space, providing best-in-class services. The Bank has started to review its policies including investment, risk management practices, credit etc.

The revival of business plans can lead to better opportunities for the employees of the banking firm.