In the run-up to becoming a bank, the Industrial Development Bank of India (IDBI) has promoted four of its chief general managers to executive directors and revamped the portfolio of its senior executives.
The four CGMs who have been promoted are O V Bundellu, K Sivaprakasam, S Gajendran and G M Ramamurthy. Bundellu was in charge of the resources division while Sivaprakasam was overseeing the treasury division.
Gajendran was heading the Chennai circle while Ramamurthy was in charge of the legal cell of the institution. Under the revamped portfolio, Bundellu has been given charge of domestic and international resources, treasury, merchant banking, corporate advisory services and investor relations.
Sivaprakasam will now have board and central accounts, secondary market operations, debenture trustee cell and strategic investments department (associate institutions) under him. Gajendran has taken over as the director of Jawaharlal Nehru Institute of Development Banking while Ramamurthy who has been promoted as the legal advisor which has the executive director grade.
Jayaraman Iyer who earlier had merchant banking, resource mobilisation, debenture trustee and secondary market operations under him will now oversee the implementation of the universal banking plan, infotech and public relations.
A K Doda, another ED, is in charge of corporate finance, film financing, project appraisal and infrastructure financing while JN Godbole is in charge of rehabilitation, securitisation and reconstruction cell, corporate debt restructuring, BIFR cell and RBI inspection.
S G Gullati now has human resources, mid-corporate financing and zonal offices under his charge. V Venkateswarlu has market research, budget and planning, economic research, statutory and regulatory compliance under him.
The institution has also interviewed 12 general managers to fill up around seven posts of CGMs in the institution after the elevation of the four CGMs. Also some posts of CGMs had become vacant in other regions.
The elevations of the CGMs had come after R J Bedekar had put in his papers on September end and R S Aggarwal retired on October 2002.
The post of deputy managing director is also vacant after TM Nagarajan
