IDBI Bank’s board of directors has re-appointed Shri Samuel Joseph Jebaraj as its deputy managing director for three years. His term as DMD will commence on September 20, 2022. 

“Shri Samuel Joseph Jebaraj is not related to any other Director on the Board and KMP (key managerial personnel) of the Bank. It is further confirmed that Shri Samuel Joseph Jebaraj, DMD is not debarred from holding the office of director by virtue of any SEBI order or any other such authority,” IDBI Bank said in an exchange filing, reportedly. 

From verticals for large and mid-sized corporates to trade finance and NPA (non-performing assets) management, Jebaraj has been handling these segments, along with being a member of internal committees for more than a decade, said IDBI Bank.

IDBI Bank stake sale

As per media reports, the government is likely to invite next month preliminary bids for selling its stake in IDBI Bank. It was also revealed by an official that the discussions with the RBI are at the final stages. 

In May 2021, the Cabinet Committee on Economic Affairs gave in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank.