| Industrial Development Bank of India (IDBI) will do away with the distinction between development banking unit (DBU) and commercial banking unit (CBU) in operations.
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| During this process, the bank will shift around 150 managers from DBU to CBU from July to strengthen its retail business.
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| While the bank has time till March 2008 to merge both units, at the operational level there will not be any distinction from now onwards.
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| The corporate and retail side would work in coordination across the country, Deputy Managing Director O V Bundellu said. The board has already given go-ahead for operational integration.
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| The corporate (DBU) and retail side will work in coordination across the country. The distinction between two strategic business units would remain only on paper for administrative and accounting purpose, he said.
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| As a step to strengthen retail banking operations, the public sector bank gave choice to senior managers (assistant manager to general manager level) to join branch banking.
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| The response has been good, and about 150 of them have opted for retail business, Bundellu said. Some of the managers have already received training in retail operations. IDBI had made an arrangement for a short training stint with some public sector banks.
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Now, IDBI would need to fine-tune designations and reporting structure for those managers moving to retail unit. The bank has recently inducted 200 officers to have adequate human resource base for branch network expansion.
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| Five GGMs promoted as EDs
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| IDBI has promoted five of its chief general managers — Pradip Roy, RM Malla, BP Singh, B Ravindranath and Siby Anthony — to the post of executive directors with effect from July 1. |
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