New Delhi: P Sitaram has been appointed as Chief Financial Officer (CFO) and Key Managerial Personnel of IDBI Bank. In a regulatory filing to the stock exchange of Saturday, IDBI Bank has informed that the Board of Directors of the Bank at its meeting held on Saturday have approved the appointment of Sitaram as CFO and Key Managerial Personnel of IDBI Bank with effect from June 01, in place of Ajay Sharma, as directed by RBI to the Bank to ensure adherence to the minimum qualification criteria for CFO. He is currently serving as Executive Director in the same bank.
Sitaram is a Chartered Accountant. He is a result-oriented professional with over 24 years of experience in Financial & Accounting operations. He has experience in the entire gamut of finance operations, Treasury, Domestic & International Resources, Taxation, Corporate Credit, Investments and Finance.
Industrial Development Bank of India (IDBI Bank) was established in 1964 by an act to provide credit and other financial facilities for the development of the fledgeling Indian industry. It is a development finance institution and a subsidiary of Life Insurance Corporation (LIC). Many national institutes find their roots in IDBI like SIDBI, India Exim Bank, National Stock Exchange of India and National Securities Depository Limited. Initially, it operated as a subsidiary of the Reserve Bank of India and later RBI transferred it to the Government of India.
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