The Hindu Business Line : Damodaran to take charge as IDBI chief

MR M. Damodaran, the Chairman-designate of Industrial Development Bank of India, would attend his first board meeting of the development financial institution tomorrow, albeit as a special invitee. Mr P.P. Vora, outgoing Chairman and Managing Director, IDBI, will chair the meeting on September 30, his last day in office.

Mr Damodaran, who would be shouldering the twin responsibilities of a fund manager as UTI AMC chief and that of a term lender as the IDBI head honcho, told Business Line, "Whatever responsibility is given, one has to discharge it to the best of one's ability."

Mr Damodaran is taking over as chief of the term-lending institution when IDBI's structure as a development financier is crumbling. The current Chairman Mr Vora has repeatedly said that the DFI model cannot be sustained.

Mr Damodaran, will take charge as CMD of IDBI from October 1. IDBI in a communication to stock exchanges said that as per the Government decision, Mr Damodaran will hold concurrent charge of the post of both chairman of UTI as well as CMD of IDBI with effect from October 1, till further orders.

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