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M S Verma to take charge as chairman of IDBI Bank

M S Verma, former chairman of State Bank of India and currently adviser to the Reserve Bank of India, will shortly be taking charge as chairman of IDBI Bank, the commercial banking subsidiary of the Industrial Development Bank of India.

Verma was with SBI, the country's premier banking institution, for over four decades.

Since December 1998, Verma has been advising RBI in framing appropriate policies on certain areas like gold, strengthening the supervisory system for financial institutions and banks as also in developing revival plans for weak banks.

Verma has recently been appointed chairman of a working group on restructuring of weak public sector banks.

Verma's appointment as chairman comes at a opportune moment for IDBI Bank which has successfully completed its maiden public issue at a premium. With three successive years of significant growth in turnover and profits, IDBI Bank Limited, is well poised to ride on its enlarged equity base to enter the new millennium as a front-runner among the new generation commercial banks in the country.

Verma's vast experience of commercial banking as head of SBI will provide a new dimension to IDBI Bank's sharp consumer-focussed growth and broad-basing of its products and services.

UNI

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