Business EconomyPosted at: May 19 2025 4:55PM


Raj Kumar steps down from IDBI Bank board

Mumbai, May 19 (UNI) IDBI Bank Ltd on Monday announced that Raj Kumar has ceased to be the LIC Nominee Director on its Board with effect from May 18 upon completion of his term.
In a regulatory filing, the bank stated, "Raj Kumar has ceased to be LIC Nominee Director on the Board of IDBI Bank Limited with effect from May 18, 2025, on completion of his term."
Kumar, a veteran in the life insurance sector, began his career with the Life Insurance Corporation of India (LIC) in 1984 as an Apprentice Officer. Over nearly four decades, he held several key positions, including Managing Director of LIC, Chief Executive Officer of LIC Mutual Fund Asset Management Limited, Zonal Manager in Bhopal, and Executive Director (Estate and Office Services) in Mumbai.
Following his departure, R Doraiswamy, Managing Director of LIC, has been appointed as the new LIC Nominee Director on the Board of IDBI Bank, effective May 19, 2025, for a term of three years. Doraiswamy, a Graduate in Mathematics from Madurai Kamaraj University and a Fellow Member of the Insurance Institute of India, brings over 38 years of experience in operations, marketing, technology, and academics within LIC.
The government and LIC are co-promoters of IDBI Bank, holding a combined stake of 94.71%, with LIC owning over 49% and the government holding 45.48%.
On the Bombay Stock Exchange, shares of IDBI Bank were trading at Rs 90.30 apiece, marking a 4.99% increase over the previous close.
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