IDBI Bank’s Board of Directors has approved the re-appointment of Rakesh Sharma as Managing Director and Chief Executive Officer of the Bank for a period of three years with effect from March 19, 2022.

This re-appointment is as per approval of the Reserve Bank of India received in this regard, the Bank said in a regulatory filing.

This comes at a time when the Department of Investment and Public Asset Management (DIPAM) is expected to soon kickstart a roadshow, whereby both the Government and the Life Insurance Corporation of India plan to sell their stake in the bank to an investor/ investors.

Sharma had joined IDBI Bank as MD & CEO in October 2018. Prior to joining IDBI Bank, he was MD & CEO of Canara Bank from September 2015 till July 2018.

LIC is the promoter of IDBI Bank, with management control. It has 49.24 per cent stake in the private sector lender. The Government has 45.48 per cent stake in the Bank.

Meanwhile, IDBI Bank’s Board of Directors has approved the appointment of T. N. Manoharan as an Additional Director (Independent Category) on the Board of the Bank with immediate effect.

A practicing Chartered Accountant, Manoharan was the Non-Executive Chairman of Canara Bank for 5 years from 2015 to 2020. He was also appointed by RBI as Administrator of Lakshmi Vilas Bank during November 2020 and facilitated merger with DBS Bank India Ltd, IDBI Bank said.