IDBI appointed Kishor Piraji Kharat as its MD and CEO

Industrial Development Bank of India (IDBI) has appointed Kishor Piraji Kharat as its new Managing Director & Chief Executive Officer.
Kishor Kharat is a graduate in commerce and law who is also a certified associate of the Indian Institute of Bankers.
He had earlier assumed post of executive director of Union Bank of India and before that he had served Bank of Baroda for three decades.
He has wide exposure across various verticals of banking, international business, including credit, information technology and general administration in India as well as overseas.

About Industrial Development bank of India (IDBI):

• IDBI was constituted on 1 July 1964 under IDBI Act 1964 based on the model of Developmental Bank of Canada with a motive to provide direct and indirect finance to Industries.
• Government of India took over the controls of IDBI in 1975 and then transformed into independent autonomous statutory organisation.
• It was regarded as a Public Financial Institution and continued to serve as a DFI for 40 years and was formally transformed into a Bank on 28 September 2004. It thus became 28^th Public Sector Bank.
• IDBI Bank was earlier known as IDBI Ltd which was change to its existing name IDBI Bank Ltd on 7 May 2008.

Month: Current Affairs - August, 2015