IDBI Bank to hire around 950 after LIC takeover

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Published: April 11, 2019 1:52:42 AM

IDBI Bank has called for applications for nearly 950 positions, many of them in specialised roles, after the bank was taken over by Life Insurance Corporation (LIC) of India.

LIC completed the acquisition of a 51% stake in IDBI Bank on January 21.

IDBI Bank has called for applications for nearly 950 positions, many of them in specialised roles, after the bank was taken over by Life Insurance Corporation (LIC) of India.

Apart from assistant managers, specialist cadre officers, executives on contract and chartered accountants, IDBI Bank is also looking for executives to take up the roles of chief compliance officer, chief risk officer, treasury head, chief technology officer, human resources head and data analytics head.

Among the vacancies advertised by the lender are those for positions of 515 assistant managers, 309 executives on a contractual basis, 120 specialist cadre officers and 40 chartered accountants.

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Earlier this year, the bank had sought applications for the posts of two deputy managing directors (DMDs), currently held by KP Nair and GM Yadwadkar. It has also sought bids from consultants to carry out an organisational restructuring and help tap synergies between the lender and its new promoter.

LIC completed the acquisition of a 51% stake in IDBI Bank on January 21. The Reserve Bank of India (RBI) classified the lender as a private sector bank on March 14.

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The ongoing recruitment process is a part of the lender’s move to shift away from its legacy of corporate-driven profile to a more retail-focused strategy. In one of the public notices seeking applications, IDBI Bank said, “The bank is focusing on multi-fold retail business growth comprising diversified product mix and third party products (TPDs), aimed at being a bank of the future. The increase in business and retail focus provides opportunity and generates a need to redesign and re-align the organisational strategies of the bank.”

IDBI Bank has an aggregate balance sheet size of Rs 3.33 lakh crore and its total business stood at Rs 3.82 lakh crore as on December 31, 2018. The size of its branch network was 1,894 on the same date.

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