Public sector lender IDBI Bank’s Deputy Managing Director (DMD) KP Nair is set to be superannuated in May 2019. While other Deputy Managing Director, G.M. Yadwadkar will be retiring in 2022, post the completion of his stipulated regime of three years since his appointment on September 2016.
The bank is therefore looking forward to fill the positions for two of its Deputy Managing Directors, according to an advertisement recently.
“The tenure of the candidates shall be three years, extendable by a further period of two years or attainment of age 60,” mentioned the bank’s advertisement.
As the Life Insurance Corporation of India (LIC) is one of the promoters of the bank now, all the major appointments including that of the Managing Director and Chief Executive Officer (CEO) would be made by the insurance major. The current DMDs were previously appointed by the Centre.