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IDBI Bank on Friday said Hemant Bhargava has ceased to be its Non-Executive Chairman as he no longer heads the parent company LIC.
“This is to inform that Hemant Bhargava has ceased to be Non-Executive Chairman of IDBI Bank consequent to his ceasing to be Chairman-in-charge of LIC with effect from March 14, 2019,” IDBI Bank said in a regulatory filing.
The Ministry of Personnel on March 13 appointed M. R. Kumar as the Chairman of the Life Insurance Corporation (LIC) for a period of five years. Kumar took charge on Thursday.
IDBI Bank is now a private sector lender following the acquisition of a majority stake by LIC.
The stock of IDBI Bank closed the session at Rs 42.90, down0.20 paise or (-0.46%) on the BSE on Friday.
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