Pvt sector banker may head IDBI

The Finance Ministry is now looking into the possibility of appointing a private sector banker as the new chief of IDBI. However, the Ministry is likely to go for an internal candidate as the deputy managing director of the FI. The leading FI has been without a full time chief for over six months now.

But if its taking the government so much time to find a full-time chairman for IDBI, even the Central Board of Direct Taxes is going through a similar phase. The present Chairman P.L. Singh, who turned 60 in January this year, got a three month extension. He is likely to get another 3-month extension, which has led to resentment in the IRS (revenue service) cadre as all movements in the cadre have come to a standstill.

As far as the IDBI top job is concerned, sources say that the FM’s office has been appraised of it last week and a decision is expected soon. The government had appointed M. Damodaran as the IDBI chief as an interim arrangement. While Damodaran was appointed as the CMD on IDBI on Oct 1, 2003 he would continue to hold the present post till May 31, 2004. The senior most ED of IDBI would be most probably appointed as the deputy managing director.