Gupta retires, new interim chief at IDBI

A shortlist of three candidates, including Dr Basudeb Sen, chairman, Industrial Investment Bank of India, Pratip Kar, executive director, Sebi and AK Doda, executive director of IDBI, were readied by the selection committee during the first week of December. The selection committee comprising, among others, banking secretary Devi Dayal, Reserve Bank deputy governor SP Talwar had picked Dr Sen, who was not only the seniormost but also has a tenure of over seven years of service.

The IDBI board recently finalised the proposal of hiking the pay scale at par with RBI. The incentives linked to the performance would be taken up with the Finance Ministry.

Most of the proposals on future pay package were accepted by the bank board with some changes and the salaries are likely to be related to performance. While a portion of the salary would be linked to overall profit of the FI, it would be also equated with the incremental profit of IDBI. The bank was planning to device a system of rating officials and ensure merit was rewarded, the sources said. The government was likely to accept the proposals that would reduce the differences in salary of IDBI officials compared to its nearest competitor ICICI.

Sidbi CMD: The Centre has appointed PB Nimbalkar as chairman and managing director of Small Industries Development Bank of India (Sidbi). Nimbalkar has three decades of experience of development banking having sucessfully served in RBI, IDBI, besides Sidbi since its inception in 1990. Before his elevation as CMD Sidbi, Nimbalkar was as its senior executive director. Further, GK Saxena has also been elevated as deputy managing director of Sidbi.