Mumbai: State Bank of India (SBI) managing director Balasubramanyam Sriram has been appointed the managing director and chief executive officer of IDBI Bank for a period of three months. He will replace the incumbent, Mahesh Kumar Jain, who has been appointed the deputy governor of the Reserve of Bank India (RBI).

The appointments committee of the cabinet has approved Sriram’s appointment as CEO of IDBI Bank for a temporary period of three months with effect from Jain’s demitting office, the order issued by the personnel ministry said.

Jain, who has been the managing director and CEO of IDBI Bank since March 2017, is expected to take charge as the fourth deputy governor at RBI on Friday. He succeeds S.S. Mundra, who retired in August 2017.

Sriram is due for retirement in September this year, which is one of the reasons for him being given a three-month term at IDBI. He has been working as the managing director in-charge of corporate banking and stressed assets resolution at SBI since July 2014. Sriram was also one of the candidates shortlisted for the post of RBI deputy governor, along with Jain.

Sriram has worked in various roles in domestic as well as in international markets in his nearly three decades of experience at SBI. He also served as the managing director and CEO of the State Bank of Bikaner, an associate bank that was later merged with SBI.

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