Two govt nominee directors join board of IDBI Bank

IDBI Bank on Friday said its board has approved the appointment of two government nominee directors with effect from April 28.

The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance, according to a regulatory filing.

Sahay and Singh are not related to any other director or key managerial personnel on the board of the bank, the lender said.

Sahay, a 1994 batch IA&AS officer, presently handles six departments -- revenue, expenditure, economic affairs, financial services, DIPAM, and public enterprises.

Earlier, he was on deputation as Director (Administration & Finance) at National Highways and Infrastructure Development Corporation Ltd. under the Ministry of Road Transport and Highways.

Singh is an officer of the 2006 batch of Indian Defence Accounts Service.

Presently, he is looking after the financial inclusion division and monitoring the implementation of government flagship schemes like Pradhan Mantri Jan Dhan Yojana, Mudra Yojana, Stand Up India scheme, and micro-insurance schemes, as per the filing.

In late afternoon trade, shares of IDBI Bank were down 1.40 percent to Rs 45.70 apiece on BSE.