Nagarajan To Be Idbis Dy Md

Industrial Development Bank of India's (IDBI) senior most executive director T M Nagarajan is slated to take over as deputy managing director (DMD) of the institution after the current incumbent S K Kapur retires on October 31. Nagarajan has close to a year to go before he retires.

With V P Singh, former executive director of IDBI shifting to IFCI as its chairman and managing director and Nagarajan set to be promoted as DMD, two vacancies at the ED level will be created.

The chief general managers (CGMs) eligible for promotion include K Kameswara Rao, the senior-most CGM, along with R G Bedekar and O V Bundellu.

Singh's portfolio (investments, secondary markets and associate companies) has been distributed between the two EDs -- R S Agarwal and S G Gulati.

B P Singh who was CGM merchant banking has taken over Gulati's place, while S W Patwardhan has taken over as CGM project appraisal reporting to Agarwal.

Currently, there are two consultants who are working in IDBI -- Boston Consulting Group and Eicher Consultants. BCG is working on the roadmap for the conversion of IDBI into universal bank while Eicher is putting in place total quality management (TQM) in the institution. The TQM report will deal with how to internally improve the quality of services, the human resources aspect, etc.

IDBI chief P P Vora is slated to make a presentation before the banking division if the finance ministry on October 5. The IDBI board will unveil its game plan for changing over to a universal bank before the finance ministry before end of the month.