IDBI Bank Limited has strengthened its Board of Directors with the appointment of two distinguished professionals as Additional Independent Directors. The bank's Board approved these strategic appointments during their meeting held on April 30, 2026, bringing extensive banking and financial expertise to the institution's governance structure.

Board Appointments and Timeline

The appointments reflect IDBI Bank's commitment to enhancing its leadership with industry veterans who bring complementary skills and experience.

Abhijit Chakravorty's Professional Background

Shri Abhijit Chakravorty brings over three decades of comprehensive banking experience to IDBI Bank's Board. A postgraduate in Applied Chemistry and Certified Associate of the Indian Institute of Bankers (CAIIB), Chakravorty retired as Deputy Managing Director from State Bank of India. His most recent role was as MD&CEO of SBI Cards & Payment Systems Ltd, the publicly listed credit card subsidiary of SBI.

Chakravorty's extensive experience spans multiple banking verticals including:

• Corporate Credit: Eleven years in high-value corporate credit involving infrastructure, power, steel, and edible oil sectors
• International Operations: Led SBI operations in Bangladesh as CEO and Country Head, and served at SBI's Hong Kong branch
• Technology Leadership: Managed SBI Global IT Centre operations as Chief General Manager for four years
• Diverse Banking Exposure: Handled assignments across retail, international banking, and IT verticals

Currently, he serves as an Independent Director at BOBCard Ltd, demonstrating his continued engagement with the financial services sector.

Ketan Vikamsey's Professional Expertise

Shri Ketan Vikamsey has been a Senior Partner of KKC & Associates LLP (formerly Khimji Kunverji & Co LLP) since 1990. As a Chartered Accountant with advanced professional qualifications, he brings specialized expertise in auditing, financial regulations, and corporate governance.

Vikamsey heads his firm's Assurance Practice with extensive experience in auditing large corporates, banks, and financial institutions including mutual funds, NBFCs, and asset reconstruction companies. His professional contributions include:

• Leadership roles in professional organizations including Chairman of HLB India Federation
• Active participation in ICAI committees and expert study groups
• Regular speaker at professional forums of ICAI, BCAS, RBI, and CAG
• Board positions across multiple organizations including Metropolitan Stock Exchange of India Limited

Governance and Compliance

IDBI Bank has confirmed that both appointees meet all regulatory requirements for independent directors. Neither Chakravorty nor Vikamsey are related to existing Board members or Key Managerial Personnel of the bank. The bank has also verified that both individuals are not debarred from holding director positions by SEBI or any other regulatory authority.

The appointments have been communicated to stock exchanges in compliance with Regulations 30 and 51 of SEBI (LODR) Regulations, 2015, ensuring full transparency and regulatory adherence. The formal notification was signed by Company Secretary Jyothi Biju Nair and submitted to BSE Ltd. and National Stock Exchange of India Ltd.

The divestment of IDBI Bank has reached a crucial juncture with the Core Group of Secretaries scheduled to evaluate the next steps in the privatization process today. This development marks significant progress in the government's strategic sale program for the public sector lender.

Current Divestment Status

Finance Minister Nirmala Sitharaman has previously confirmed that the government will proceed with its divestment plan for IDBI Bank, providing clarity on the future of the public sector lender. The announcement reaffirmed the administration's commitment to its strategic asset sale program.

Government's Strategic Approach

The Core Group of Secretaries' evaluation represents a critical administrative step in the divestment process. This high-level review mechanism ensures that all aspects of the privatization are thoroughly assessed before proceeding to the next phase. The Finance Minister's earlier statement indicates continuity in the government's approach toward divesting its stake in public sector banks.

Implications for Stakeholders

The divestment plan represents a significant development for IDBI Bank's operational structure and future strategic direction. The bank has been part of the government's list of entities identified for strategic sale, and this confirmation provides stakeholders with greater certainty about the timeline and commitment to the process.

Policy Framework

Sitharaman's announcement demonstrates the government's sustained focus on implementing its divestment agenda despite various market conditions and economic considerations. The confirmation suggests that the privatization process will move forward according to the established framework and regulatory requirements, with the Core Group's evaluation being a key milestone in this journey.