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Vora takes over as IDBI chairman

P P Vora, who has been appointed chairman of IDBI, on Wednesday took charge following the much-delayed vigilance clearance.

Vora, who was the chairman of National Housing Bank, was appointed as IDBI chairman replacing acting chairman S C Chakraborty, who retired on July 31.

But he could not take over that day pending clearance from Central Vigilance Commission. His appointment was cleared on Tuesday night, IDBI spokesman said.

Vora, 58, assumed charge from acting chairman S K Kapur.

Kapur, who replaced Chakraborty, will function as deputy managing director of IDBI till his retirement in October.

Kapur was the senior most executive director before his appointment as acting chairman.

Vora's appointment sets at rest speculation that the top most job of the premier financial institution would be given to one of the serving executive directors in the face of delay in getting CVC clearance. CVC maintained that the delay was due to CBI and RBI sitting over the files.

An experienced banker, Vora started his career as a probationary officer in the State Bank of India and has served in various capacities in banking industry before becoming the chairman of NHB five years ago.

Vora's term as IDBI chairman will end in September 2003.

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