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Hemant Bhargava Ceases To Be Non-Executive Chairman; No Longer Heads The Parent Company LIC

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| March 16 , 2019 , 11:34 IST

IDBI Bank on 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.

Whereas, IDBI had been planning to extend the tenure of CEO Rakesh Sharma whose six-month term is slated to end in April.

Sharma was appointed in October 2018 to ensure a smooth transfer of majority ownership from the government to LIC. Life Insurance Corporation of India (LIC) recently acquired a majority stake in IDBI Bank.

In a statement on Sunday, the bank said it is “professionalizing and broad-basing its board". It said it has inducted on the board, two “new eminent professional independent directors" and added that the new board will chart out a fresh growth strategy and also revamp the corporate governance structure.

As part of the process, the statement said, IDBI Bank has started reviewing all its policies including credit, investment, and internal processes, as well as risk management practices with the help of consultants.

“Furthermore, the bank has also started revamping its Performance Measurement System (PMS)—IDBI Performance Assessment and Continuous Evaluation (i-PACE)—to make it more objective and system-driven," the bank said.

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Sharma, a former MD, and CEO of Canara Bank, was among the few bankers hired in 2015 from the private sector to lead big state-run banks. At IDBI Bank, he took over from B. Sriram, former MD of State Bank of India, whose three-month term ended in September.

IDBI Bank is now a private sector lender following the acquisition of majority stake by LIC. The stock of IDBI Bank was trading 0.81 per cent down at Rs 42.75 on BSE.

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