Godbole to run the show at IDBI

J N Godbole, senior most executive director of IDBI, will run the operations of the bank till the government names Damodaran's successor. Godbole will retire on February 28.

The outgoing chairman Damodaran told IDBI employees that the government will announce his successor before the end of this month. Damodaran comforted the employees that the change of guard will not affect IDBI's growth plans.

Damodaran's appointment as SEBI chairman sent the rumour mills agog, even within IDBI and IDBI Bank, on who his successor would be. Nabard chairperson Ranjana Kumar led the pack.

State Bank of India managing director Ashok Kini's name has also been mentioned. Both Ranjana Kumar and Kini have another one year to go before superannuation.

Damodaran was made chairman of IDBI in October 2003 to pull out the erstwhile development finance institution out of the woods. IDBI employees said Damodaran was emotional as he delivered a farewell speech at the mezzanine level on the ground floor of IDBI headquarters, soon after his arrival from Delhi in the afternoon.

Five IDBI executive directors are R Jayaraman Iyer, K Sivaprakasam, O V Bundellu, Jitender Balakrishnan and Ramamurthy (legal advisor).