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Damodaran to take charge as IDBI`s interim CMD
Mumbai, Sept 28: UTI Mutual Fund chairman and managing director M Damodaran will take concurrent charge as interim CMD of Industrial Development Bank of India (IDBI) from October one.
Mumbai, Sept 28: UTI Mutual Fund chairman and managing director M Damodaran will take concurrent charge as interim CMD of Industrial Development Bank of India (IDBI) from October one.
Damodaran succeeds current IDBI CMD P P Vora, whose term
ends on September 30.
The appointment order came late last night and it is an interim arrangement until further orders, Damodaran told here today.
Damodaran, an IAS officer of 1971 batch who has worked as joint secretary with the Finance Ministry, is one of the three short-listed candidates as full time CMD of the development finance institution.
Damodaran took over as chairman of the undivided UTI in July 2001 in the aftermath of US 64 scheme crisis and has since successfully brought the troubled entity on the road to recovery. As part of restructuring the ailing organisation, he sent out strong signals to companies to pay out their long standing dues or else face strong action.
Now, UTI has been split into UTI I, a specified undertaking of UTI where Damodaran is currently acting as administrator and UTI MF (UTI II) with assets under management of over Rs 16,000 crore.
He has also successfully introduced voluntary separation scheme at UTI MF to downsize the organisation.
Prior to joining UTI, Damodaran was closely involved in restructuring of three weak public sector banks as officer on special duty with Reserve Bank of India.
Bureau Report
The appointment order came late last night and it is an interim arrangement until further orders, Damodaran told here today.
Damodaran, an IAS officer of 1971 batch who has worked as joint secretary with the Finance Ministry, is one of the three short-listed candidates as full time CMD of the development finance institution.
Damodaran took over as chairman of the undivided UTI in July 2001 in the aftermath of US 64 scheme crisis and has since successfully brought the troubled entity on the road to recovery. As part of restructuring the ailing organisation, he sent out strong signals to companies to pay out their long standing dues or else face strong action.
Now, UTI has been split into UTI I, a specified undertaking of UTI where Damodaran is currently acting as administrator and UTI MF (UTI II) with assets under management of over Rs 16,000 crore.
He has also successfully introduced voluntary separation scheme at UTI MF to downsize the organisation.
Prior to joining UTI, Damodaran was closely involved in restructuring of three weak public sector banks as officer on special duty with Reserve Bank of India.
Bureau Report