SBI's B Sriram is the new Head of IDBI Bank

The Appointments Committee of the Cabinet has approved the appointment of B Sriram as the new Managing Director & Chief Executive Officer (MD & CEO) of IDBI Bank. He is currently working as the Managing Director (MD) of State Bank of India (SBI). He has been appointed as the new head of IDBI Bank in place of incumbent Mahesh Kumar Jain who was recently named Deputy Governor of the Reserve Bank of India (RBI).

Sriram has been working as the MD (Corporate and Global Banking) in SBI since July 2014. He had been Managing Director of State Bank of Bikaner and Jaipur. He joined the country’s largest bank in

1981 as a Probationary Officer. During over three-decade-long career, he held several positions and also had a stint at SBI's Singapore office.

B Sriram is given three-month since he would retire by September end. In the meanwhile, the government is in the process of interviewing executive directors for a dozen of PSU post that would fall vacant this fiscal year.

The government will also need to decide on a replacement for Allahabad Bank MD & CEO Usha Ananthasubramanian, whose powers have been taken away by the government after she was named in the chargesheet relating to the Rs 14,000-crore fraud at Punjab National Bank (PNB) involving diamond merchants Nirav Modi and his uncle Mehul Choksi

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