IDBI Bank declared that it had appointed Smita Harish Kuber as the bank’s chief financial officer (CFO) and key managerial personnel with effect from 01 April 2023. The bank said Smita Harish Kuber was appointed as CFO in place of P. Sitaram, ED & CFO, who will retire on attaining superannuation on 31 March 2023, according to the regulatory filing.

“The Board of Directors of the Bank has, at its meeting held on March 28, 2023, approved the appointment of Smt. Smita Harish Kuber, Chief Financial officer and Key Managerial Personnel of IDBI Bank with effect from April 01, 2023 in place of Shri P. Sitaram, ED & CFO, who will retire on attaining superannuation on March 31, 2023," said IDBI Bank in its regulatory filing.

Smita Kuber is a chartered accountant and has more than 25 years of banking experience including five years of experience in handling finance and accounts and taxation matters in IDBI Bank. Meanwhile, IDBI Bank also informed that Samuel Joseph Jebaraj, Deputy Managing Director, IDBI Bank has resigned from his position. The resignation will come in effect from 05 April 2023.

“Deputy Managing Director (Lending & Project Finance) on the Board of National Bank for Financing Infrastructure and Development (NaBFID), Shri Samuel Joseph Jebaraj, DMD, has, vide letter dated March 27, 2023, tendered his resignation from the position of Deputy Managing Director of the Bank with effect from close of business on April 05, 2023. Shri Joseph's resignation was noted by the Board of Directors at its meeting held today and he would be relieved from the service of the Bank with effect from the close of business on April 05, 2023," said IDBI Bank in its filing.

Recently, the government has said the disinvestment of IDBI Bank is on track as per the defined process. The Department of Investment and Public Asset Management (DIPAM), which manages government holding in state-owned enterprises, on Friday said that the media reports on speculations that the government might defer the $4 billion IDBI Bank divestment plan are misleading.