
Rakesh Sharma will continue as Managing Director and CEO of IDBI Bank, Fairfax confirmed on Thursday. The decision follows his appointment as a stop‑gap leader in 2022, when the government sought a turnaround. Sharma, who joined IDBI after a 12‑year stint at three banks, is now steering the institution into its next phase.
Former ICICI Prudential Life MD NS Kannan will be named chairman. He brings experience from the life‑insurance sector to the board.
Fairfax chairman Prem Watsa also announced advisers Deepak Parekh, Rajendran CVR, and Paresh Sukthankar.
Sharma’s tenure began after he left SBI as chief general manager, then led Lakshmi Vilas Bank from March 2014 and Canara Bank from September 2015 to July 2018. He took the reins at IDBI when the RBI placed the bank on its prompt corrective action list in May 2017, citing poor asset quality, low capital and mounting losses. Under his leadership, the government injected roughly ₹25,000 crore between 2010 and 2020 and carried out an insolvency law‑driven clean‑up.
The new leadership team signals IDBI’s intent to complete its privatization process. The bank will now focus on stabilising its balance sheet and improving profitability, paving the way for potential sale.
The next major step will be a board vote on the bank’s privatization plan, expected in the coming weeks.