IDBI Bank has appointed Hemant Bhargava as non-executive, non-whole-time chairman. Bhargava is the Chairman (in-charge) and MD of Life Insurance Corporation of India. He has been appointed for a period of 3 years or until he continues in his position at LIC. LIC is now the majority shareholder in IDBI Bank with a 51% stake. It has also proposed a change of name of the bank to either LIC IDBI Bank or LIC Bank. The proposal has been approved by the IDBI Bank board subject to clearance from Reserve Bank of India, shareholders as well as name availability by ministry of corporate affairs. Bhargava has a wide range of experience in LIC in various positions from senior branch manager to executive director, chief manager in Mauritius, executive director heading international operations, micro insurance and CEO of LIC Cards Services.
