Mumbai, June 23: The Industrial Development Bank of India (IDBI) will soon have a managing director and chief executive officer (CEO) to guide the institution in its transformation into a corporate entity and subsequently into a universal bank.
The government has constituted a search committee to identify a suitable person for the position of managing director and chief executive officer of the institution.
According to an IDBI official, the institution is looking for a person within 55 years, with a minimum experience of 25 years in a financial institution or bank. Of the 25 years in such an institution, five years should be in a top management position not below the rank of a general manager of a nationalised bank or chief general manager in a financial institution or equivalent top management position.
Sources added that the candidate should have shouldered important responsibilities at the corporate level. “He should have the experience of project/corporate finance, treasury operations, resource mobilisation, risk management, information technology, asset reconstruction among others,” they said.
The position is for three years. The remuneration will be competitive and negotiable, sources added.
According to IDBI, the new CEO would lead the premier institution after the present incumbent, P. P. Vora, retires in September.
IDBI currently does not have an MD and CEO and its functions are led by Vora.
The search committee comprises Rakesh Mohan (Reserve Bank deputy governor), M G Bhide (chairman, National Institute of Bank Management), Ashok Lahiri (chief economic adviser, ministry of finance) and Vinod Rai (joint secretary, ministry of finance).
IDBI, it may be recalled, has envisaged a transformation into a universal bank. However, a final picture of its true structure is yet to emerge.