Jayakumar S Pillai appointed as Deputy Managing Director of IDBI Bank

Tags: National News

Jayakumar S Pillai was appointed as the Deputy Managing Director of IDBI Bank.

An Overview of the News

• His appointment was announced by IDBI Bank through an official filing and the appointment was approved by the bank's board of directors.
• The appointment is valid for a period of three years from the date of his assumption of charge.
• The appointment has been authorised by the Reserve Bank of India (RBI).
• As Deputy Managing Director, Jayakumar S. Pillai will be involved in strategic decision making, overall management and operations.

IDBI Bank:

• Ltd. is a development finance institution owned by the Life Insurance Corporation of India and the Government of India.
• It was established in 1964 as the Industrial Development Bank of India with a focus on providing financial services to the industrial sector.
• The bank provides commercial banking, corporate banking, retail banking, treasury operations and investment banking services.
• LIC's ownership in IDBI Bank allows opportunities for collaboration and cross-selling between banking and insurance services.
• IDBI Bank operates under the regulations of regulatory bodies like RBI, SEBI and IRDAI.

Headquarters - Mumbai

About Reserve Bank of India

• RBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
• It started functioning from 1 April 1935.
• Sir Osborne Smith was made the first Governor of RBI.
• The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
• It has the power to regulate banks under the Banking Regulation Act 1949.
• It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.
• RBI is also the regulator of digital payment systems under the Payment and Settlement Act 2007.

Headquarters - Mumbai

Governor - Shaktikanta Das