Eyeing parity, IDBI expands board to three deputy managing directors

IDBI Bank will increase the tally of deputy managing directors on its board from two to three, to bring parity with other large public sector banks that have three executive directors and one managing director and chief executive.

It is also separating the post of chairman and managing director into two posts - a chairman and a managing director and chief executive officer.Both proposals would be placed before shareholders for their nod. IDBI Bank has informed the BSE as well.

IDBI Bank has also appointed N S Venkatesh, its executive director, as chief financial officer in place of P Sitaram.

The board of the bank also gave its nod for raising up to Rs 20,000 crore through bonds including infrastructure bonds, and Basel-III compliant tier-I and -II bonds in 2015-16.