As per a news source, B. Sriram has stepped down from the position of Managing Director of SBI, following his appointment as Chief Executive of IDBI Bank. The report also suggests that insurance giant LIC is planning to acquire a major stake in IDBI Bank.
Last week, the government appointed B. Sriram as Managing Director and CEO of IDBI Bank for a temporary period of three months. He has resigned from the board of SBI and it has been forwarded to Appointments Committee of the Cabinet (ACC) for approval which is headed by Prime Minister Narendra Modi.
Sriram took charge of IDBI Bank on June 22, following M.K. Jain demitting office to take over as Deputy Governor of RBI.
LIC is looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender’s stressed balance sheet.
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