Moneycontrol News
IDBI Bank's Chief Executive Officer and Managing Director B Sriram has retired from his post after three months at the helm of the state-owned lender.
Sriram confirmed to Moneycontrol he has attained his retirement age and said the government will appoint a new CEO soon.
The government is yet to decide on a new CEO and MD to head the financially troubled bank.
Sriram, who was previously the Managing Director at State Bank of India, was moved to IDBI Bank to facilitate its merger with Life Insurance Corporation of India (LIC).
LIC has received approval to increase its stake in the bank to a maximum of 51 percent to help it stay afloat amid the bad loan crisis it is currently grappling with.
IDBI Bank, which is also under Prompt Corrective Action (PCA) imposed by the Reserve Bank of India (RBI), widened its loss for the June quarter to Rs 2,409.89 crore. The bank had reported a loss of Rs 853.01 crore in the same quarter last year.
PCA is a framework with certain triggers put in place by the RBI to assess, control and take corrective steps on banks that are financially stressed or troubled.
As a percentage of total loans, IDBI Bank's gross NPAs stood at 30.78 percent (Rs 57,806.84 crore) compared to 27.95 percent at the end of the previous quarter and 24.11 percent at the end of the year-ago period.
The lender's net NPAs stood at 18.76 percent at the end of June, higher than the 16.69 percent at the end of the previous quarter and 15.8 percent at the end of the same quarter last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
