The Board of Directors of IDBI Bank approved the re-appointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) of the bank for three years with effect from March 19, 2025.

This is as per RBI’s approval received in this regard.

Sharma has been helming the bank since October 10, 2018. Prior to joining IDBI Bank, he was MD & CEO of Canara Bank from September 11, 2015, till his superannuation on July 31, 2018.

The re-appointment comes in the backdrop of the Bank’s promoter – Life Insurance Corporation of India (49.24 per cent stake) – and second largest shareholder – Government of India (45.48 per cent) starting the process of disinvesting their stake in the bank in October 2022.