R.V. Shastri is IOB CMD
Mumbai: R.V. Shastri, executive director of Indian Overseas Bank, has been appointed chairman and managing director of the bank with effect from 1 December 1999. He fills the vacancy created by the retirement of K. Subramanian. Mr Shastri began his career as a probationary officer in Punjab National Bank.

Indian Overseas Bank is one of the five public sector banks that have been allowed to go public during the current financial year. The Verma Committee has listed it as one of six sick public sector banks.
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Chase officer to advise HDFC bank
Mumbai: David K. Baggs, managing director and country officer of Chase Manhattan Bank in India and South Asia, is taking up an advisory position with HDFC Bank. He will assist the bank’s management. In other words, Chase Manhattan, which holds stakes in HDFC Bank through its funds, India Private Equity Fund and Indocean Financial Holding, is seconding him to the bank.

Mr Baggs will remain on the rolls of Chase Manhattan Bank and will not be on the board of HDFC Bank. Chase Manhattan has two representatives on the HDFC Bank board, Arnold Chafkin, managing partner of Chase Capital partners, and Anil Ahuja, executive director of Indocean Chase.
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Kidwai is chief of Bombay Mercantile
Mumbai: A.R. Kidwai, former governor of West Bengal and Bihar, has been elected chairman of the Bombay Mercantile Cooperative Bank. Mr Kidwai has been chairman of the Union Public Service Commission and chancellor of the Aligarh Muslim University.
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IDBI gets three EDs
Mumbai: The Industrial Development Bank of India has appointed three executive directors – K.X.M. John, J.N. Godbole and R.S. Agarwal. All three are at present chief general managers of the bank. The posts of executive directors have remained vacant for nearly 18 months.

Mr John has been director of IDBI’s Jawaharlal Nehru Institute for Development Banking based in Hyderabad, Mr Godbole headed the Calcutta zonal office and Mr Agarwal headed its project appraisal department.

The other four executive directors of the IDBI are V.P. Singh, S.K. Chakraborty, S.K. Kapur and T.M. Nagrajan. Mr V. Venkateshwarlu is advisor.
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Johan van Splunter on Philips India board
Calcutta: Johan A van Splunter, president and chairman of Philips Electronics Asia-Pacific, Singapore, has been inducted as an additional director on the board of Philips India.

The company said in a press release that Mr Splunter's knowledge brings to the board great value and perspective.  Philips India has now nine directors -- chairman S.M. Datta, vice-chariman and manging director K. Ramachandran. A. Brandts, J.N. Sapru, R.A. Shah, S. Dasgupta, S.C. Jha, Frans van Houten and Mr Splunter.
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Central Depository MD-designate dies in mishap
Mumbai: Dinesh Kumar Dhagat, chief general manager of the State Bank of India, who was to take over as managing director of the Central Depository Services, died in a car accident near Tirupati. Mr Dhagat was to take over his new assignment on 7 December.
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