IDBI Bank is now a private sector lender following acquisition of majority stake by LIC.
New Delhi: IDBI Bank Friday said Hemant Bhargava has ceased to be its Non-Executive Chairman as he no longer heads the parent company LIC.
"This is to inform that Hemant Bhargava has ceased to be Non-Executive Chairman of IDBI Bank consequent to his ceasing to be Chairman-in-charge of
LIC with effect from March 14, 2019," IDBI Bank said in a regulatory filing.
The Ministry of Personnel on March 13 appointed M R Kumar as the Chairman of the Life Insurance Corporation (LIC) for a period of five years. Kumar took charge Thursday.
IDBI Bank is now a private sector lender following an acquisition of majority stake by LIC.
Stock of IDBI Bank was trading 0.81 percent down at Rs 42.75 on BSE.
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