The Centre has appointed V K Chopra as chairman and managing director of the Lucknow-based Small Industries Development Bank of India.

Prior to this appointment, Chopra was the executive director of Oriental Bank of Commerce. The top post at Sidbi has been vacant since February 28, 2003, following P B Nimbalkar's exit. Chopra will be at the helm of Sidbi for close to three years.

The Centre had, in fact, shortlisted Chopra and Prakash Singh, executive director, Punjab & Sind Bank. The former was eventually selected on the basis of seniority.

Last month, half-a-dozen executive directors from the Industrial Development Bank of India and the Industrial Finance Corporation of India were also interviewed for this post.

The centre had in January 2003 appointed N Balasubramanian as deputy managing director. Before joining Sidbi, Balasubramanian was general manager (credit and corporate banking), Bank of Baroda.

Sidbi is the principal financial institution for promotion, financing and development of the small-scale industries.