Shetty takes charge as IDBI CMD

He handed over charge of Canara Bank to the Bangalore-based bank's executive director B Swaminathan. Shetty will fly down to Mumbai tomorrow to start functioning from his 24th floor office at IDBI headquarters at Cuffe Parade in south Mumbai.

The integration of human resources at IDBI and IDBI Bank has become the central issue in the merger of the two banks. IDBI board has chalked out a three-five year plan for total functional integration after the two banks get merged from March 31, 2005.

Till the integration, the operations of IDBI and IDBI Bank will be managed as strategic business units, except treasury and audit.

Shetty is also the deputy chairman of the Indian Banks' Association (IBA) and is currently the chairman of IBA's human resources, industrial relations and corporate governance committee.

He also heads IBA's committee for wage negotiations in the banking industry.

The term of IDBI wholetime director J N Godbole ended as Shetty assumed charge of the financial institution-turned-bank.

Godbole was made wholetime director till May 31 or till the appointment of the chairman, whichever was earlier, following the appointment of M Damodaran as chairman of the Securities and Exchange Board of India.

IDBI officials said Godbole is expected to be present in office tomorrow to receive the new chairman.

Shetty was transferred to IDBI after four months at the helm at Canara Bank, where he had started his career as a banker in 1968. Senior officials of Canara Bank were present at IDBI's Bangalore branch as Shetty took up his new assignment.

Shetty was chairman and managing director of UCO Bank for five years before joining Canara Bank.