B Sriram today assumed charge as Managing Director and CEO of IDBI Bank. Sriram was appointed MD and CEO in place of Mahesh Kumar Jain who recently took charge as deputy governor of the Reserve Bank of India (RBI). “The Government of India on June 29, 2018 appointed him as Managing Director & Chief Executive Officer of IDBI Bank Ltd. for period of three months with effect from the date of assumption of office, or up to September,2018 , or until further orders, whichever is earlier,” IDBI bank said in a statement. Sriram has been working as the MD (Corporate and Global Banking) in SBI since July 2014. Born on September 20, 1958, Sriram had joined State Bank of India as a Probationary Officer in 1981. He is a Post Graduate in Physics from St. Stephen’s College, New Delhi and has a Diploma in Management from AIMA. The board of Insurance Regulatory and Development Authority of India (Irdai) yesterday permitted Life Insurance Corporation (LIC) to increase the current stake from 10.82 per cent to 51 per cent in IDBI Bank.