Bank of India ED Raghavan becomes CMD of IDBI Bank

M S Raghavan, executive director of Bank of India, has been appointed chairman and managing director of IDBI Bank, a post that has been vacant since R M Malla retired at the end of May.

Raghavan assumed charge as CMD of IDBI Bank on Friday.

A member of the panel constituted by the finance ministry to prepare a model e-governance plan for the Indian Banks Association (IBA),  he is also on the IBA committee on Payment Systems & Banking Technology for the year 2012-13, IDBI said in a statement.

Raghavan, who was executive director of state-owned Bank of India (BoI), from January 2012, was a general manager at Indian Overseas Bank (IOB) based in Chennai, earlier.

A science graduate and a post-graduate diploma in management and financial management, Raghavan, 58, started his career as a probationary officer in Indian Overseas Bank in 1976.

In his career spanning 36 years, he had held charge of various functions, including human resources management, risk management, corporate credit, information technology and compliance.

The government is also expected to name a new chairman for the Industrial Finance Corporation of India (IFCI), while the finance ministry is also in the process of selecting a chairman for Nabard.