LIC’s Hemant Bhargava Takes Charge as Non-Executive Chairman of IDBI Bank

• Hemant Bhargava has been appointed as the non-executive, non-whole time chairman of IDBI Bank.
• Bhargava is currently the Chairman (in-charge) and Managing Director of Life Insurance Corporation of India (LIC).
• He has been appointed for three years or until his position at LIC, whichever is earlier.
• IDBI Bank and Life Insurance Corporation of India have also signed a bancassurance agreement under which the lender will offer LIC’s insurance products at its branches.
• LIC is the majority shareholder in IDBI Bank (51 percent).