Life Insurance of Corporation of India (LIC) has nominated Mukesh Kumar Gupta, retired Managing Director of LIC, on the Board of IDBI Bank.
Gupta’s appointment comes in the wake of Rajesh Kandwal ceasing to be LIC Nominee Director with effect from February 2, 2022, as per an exchange filing by the Bank.
As at December-end 2021, LIC and the Government had 49.24 per cent and 45.48 per cent stake, respectively, in IDBI Bank.
LIC had acquired a majority stake in IDBI Bank in January 2019 and became its promoter with management control.