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Choice of IDBI head still eludes Centre

BS Banking Bureau

The Centre is yet to zero in on the right candidate for the top job at the Industrial Development Bank of India even as the deadline for choosing the chairman expires next month.

Last month, the finance ministry announced a 3-month extension for acting IDBI chief S K Chakrabarti. However, he will be relived of his duties if a new chairman is appointed before the extension period expires.

Three names doing the rounds for the chairman's post are IDBI executive director A K Doda, Industrial Investment Bank of India chairman Basudeb Sen and Sidbi chairman and managing director P B Nimbalkar.

Of the three, Nimbalkar has the shortest tenure left, while the other two contenders have more than five years of service left.

For the whole-time director's post (deputy managing director) -- which would become vacant after S K Chakrabarti's tenure is over -- the likely candidates are executive directors S K Kapur, T M Nagarajan and V P Singh.

Kapur is due for retirement in October 2001, while Nagarajan's tenure would end by September 2002. IDBI executives are miffed over the cloud of uncertainty which has been continuing.

There has been a spate of resignations at the senior level and insiders pointed out that the delay in appointing the new chief will aggravate the situation further.

Madras branch head B Krishnamurthy and the Calcutta branch in-charge M V Subaraman have put in their papers. Even at the IDBI headquarters in Bombay, four senior management staff at the DGM and AGM level have resigned recently.

This is in addition to the resignation of two chief general managers -- S Suryanarayan and A K Basu.

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