Mahesh Kumar Jain is appointed as the new MD and CEO of IDBI bank with immediate effect. Prior to this, he was the MD and CEO of Indian Bank which has the same stature of IDBI bank.
Mahesh Kumar is appointed as the New Managing Director & CEO of IDBI bank. Prior to this he was leading Indian Bank as Managing Director & Chief Executive Officer. He was first appointed as executive director in September 2013 for Indian Bank when he managed to take care of several key portfolios. He also served as general manager with Syndicate Bank for some time. Although he began his impeccable banking career with Punjab National Bank.
Jain also served as a member of the steering committee on Risk Management of IBA and a member of the IBA working group on risk management and implementation of Basel II and III. He worked as a secretary & coordinator to Basant Seth Committee on review & revamp of internal & concurrent audit system in PSBs. It was an exceptional move as IDBI bank is facing some financial and legacy issues for quite some time now.
The banking Veteran would be assuming charge of IDBI Bank when the bank’s morale is down after it witnessed the arrests of some of its top officers and around Rs. 2,255 crore loss for the bank in the December quarter which made things quite gruesome for the Bank.
This is the first time that the CEO of a larger public sector bank is swapped to another such bank of same stature.
This is the first time that the CEO of a larger public sector bank is swapped to another such bank of same stature. , Jain headed a meeting with the top managers of the Bank to review conditions and strategize plans to tackle issues.Then he addressed employees and asked for their cooperation in tackling these problems.
Presently, Jain is a member of the NIBM governing board, PGDM executive council of NIBM, CII national committee on Banking 2016-17 and CII national council on financial sector development 2016-17.