IDBI Bank is now a private sector lender following acquisition of majority stake by LIC.
IDBI Bank Friday said Hemant Bhargava has ceased to be its Non Executive Chairman as he no longer heads the parent company LIC. “This is to inform that Hemant Bhargava has ceased to be Non Executive Chairman of IDBI Bank consequent to his ceasing to be Chairman-in-charge of LIC with effect from March 14, 2019,” IDBI Bank said in a regulatory filing.
The Ministry of Personnel on March 13 appointed M R Kumar as the Chairman of the Life Insurance Corporation (LIC) for a period of five years. Kumar took charge Thursday. IDBI Bank is now a private sector lender following acquisition of majority stake by LIC. Stock of IDBI Bank was trading 0.81 per cent down at Rs 42.75 on BSE.