Followed by LIC, Hemant Bhargava ceases his position at IDBI Bank

IDBI Bank Friday said Hemant Bhargava has ceased to be its Non-Executive Chairman as he no longer heads the parent company LIC. "This is to inform that Hemant Bhargava has ceased to be Non-Executive Chairman of IDBI Bank consequent to his ceasing to be Chairman-in-charge of LIC with effect from March 14, 2019," IDBI Bank said in a regulatory filing.

The Ministry of Personnel on March 13 appointed M R Kumar as the Chairman of the Life Insurance Corporation (LIC) for a period of five years. Kumar took charge Thursday. IDBI Bank is now a private sector lender following the acquisition of majority stake by LIC. The stock of IDBI Bank was trading 0.81 per cent down at Rs 42.75 on BSE.