IDBI Bank on Monday said its board has approved the appointment of T N Manoharan as the part-time chairman for a period of three years.?The bank also announced that M R Kumar has ceased to be the non-executive non-whole time chairman of the bank with effect from May 8, 2022, after completion of the RBI approved term of three years.

"Board of directors of the bank have approved the appointment of T N Manoharan, independent director as part time chairman of IDBI Bank, for a period of 3 years with effect from May 9, 2022, as approved by the Reserve Bank of India vide their letter dated May 6, 2022," IDBI Bank said in a regulatory filing.

In terms of the Articles of Association of the bank, Life Insurance Corporation of India (LIC) vide their communication dated May 7, 2022, nominated Raj Kumar, Managing Director of LIC as LIC nominee director on the board of the bank, said the lender.

Appointment of Kumar is being separately processed under Section 161(3) of the Companies Act, 2013, IDBI Bank said further. LIC has 49.24 per cent shareholding in IDBI Bank, as of March 2022. IDBI Bank shares closed at Rs 40.40 apiece on BSE, down by 1.70 per cent from the previous close.

-With PTI Input