DCB appoints Munjee as chairman

Nasser Munjee will take charge as chairman of the Development Credit Bank (DCB) from August 1. Appointed on a non-executive capacity, Munjee sees his role as being quite challenging in terms of driving a small sector bank in the new emerging scenario.

Munjee, former IDFC CEO & managing director, will succeed Naushad Padamsee, who has been chairman since 1995.

His first priority would be to get a new team on the ground, with the chief executive officer (CEO) expected to be appointed shortly, subject to RBI approval. Change on the top is expected to bring about some reshuffling of bank personnel, said senior industry sources.

Munjee's appointment follows his association with various projects of the Aga Khan Development Network (AKDN) and the Aga Khan Fund for Economic Development (AKFED) for a number of years. Incidentally, AKFED is the majority shareholder of DCB at 68 per cent.

Munjee was approached by AKFED and he accepted the offer last week.