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The Board of Directors of IDBI Bank has approved the appointment of P Sitaram, Executive Director (ED), as Chief Financial Officer (CFO) and Key Managerial Personnel with effect from June 1, 2021.
Sitaram will take charge from incumbent ED & CFO Ajay Sharma.
IDBI Bank, in a regulatory filing, said the change in CFO is as per the Reserve Bank of India’s directions to the Bank to ensure adherence to the minimum qualification criteria for CFO.
Sitaram is a qualified Chartered Accountant and has over 15 years experience in handling finance & accounts and taxation matters in IDBI Bank.
Meanwhile, IDBI Bank’s board also approved the appointment of Sunit Sarkar, ED (In-Situ) as Internal Auditor of the Bank with effect from June 1, 2021 in place of MV Phadke, ED & Internal Auditor.
Sarkar is a qualified ICWA and has done Post Graduate Diploma in Business Management.
He has been associated with IDBI Bank for over 27 years and has handled various portfolios — corporate finance, infrastructure finance, audit, recovery and credit monitoring, as per the filing.
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