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B. Sriram to head IDBI Bank for 3 months

SBI MD B. Sriram has been given additional charge of IDBI Bank for a period of 3 months. This has been necessitated as M.K. Jain, who is currently MD and CEO of the bank, is set to join RBI as deputy governor. Jain was appointed as deputy governor on 4 June, but he could not take office because he could not hand over charge at IDBI Bank, which is facing several serious issues such as mounting NPAs and losses. Sriram is given s 3-month assignment since he would retire by September end. In the meanwhile, the government is in the process of interviewing executive directors for a dozen of PSU banks, including IBDI Bank.

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