IDBI Bank has informed that in terms of Government of Indias notification dated July 05, 2013 and consequent upon attaining the age of superannuation, M. S. Raghavan has ceased to be the Chairman & Managing Director of IDBI Bank with effect from the close of business on June 30, 2015. Further, in terms of Govt, of India’s letter dated June 30, 2015, the Deputy Managing Directors (DMDs) of IDBI Bank have been advised to exercise their respective powers as DMDs while the financial and administrative powers of the CMD shall be exercised with the approval of the Board of Directors / Management Committee of the Bank, as the case may be, till such time that a regular incumbent is appointed by the Government as CMD of the Bank.
The above information is a part of company’s filings submitted to BSE.
