SBI MD Sriram resigns amid IDBI stake sale buzz

SBI managing director B Sriram has resigned from the country’s largest lender after his appointment as chief executive of IDBI Bank. The development assumes significance amid reports that insurance behemoth LIC is mulling acquiring a majority stake in the debt-ridden state-owned bank.

The government last week appointed Sriram as managing director and CEO of IDBI Bank for a temporary period of three months. Sriram took charge of IDBI Bank on June 22 following M K Jain demitting office to take over as Deputy Governor of RBI.
Static/Current Takeaways Important for Bank of Baroda PO Exam 2018-
  • Rajnish Kumar is Chairman of the State Bank of India.
  • IDBI was constituted under Industrial DevelopmenBanknk of India Act, 1964.
  • The Head office of IDBI is in Mumbai.
Source- The Hindu Business Line