Mumbai, January 28, 2025 – IDBI Bank Limited (NSE: IDBI, BSE: 500116) has announced the appointment of Shri Sat Pal Bhanoo, Managing Director of Life Insurance Corporation of India (LIC), as an LIC Nominee Director on its Board. He will assume the role on February 10, 2025, for three years, replacing Shri Mukesh Kumar Gupta, whose term concludes on February 9, 2025.
Key Highlights of the Board Change
- New LIC Nominee Director: Sat Pal Bhanoo.
- Effective Date: February 10, 2025.
- Outgoing Director: Mukesh Kumar Gupta (completing a three-year term on February 9, 2025).
- Regulatory Compliance: The appointment follows Regulations 30 & 51 of SEBI (LODR) Regulations, 2015.
Profile of Shri Sat Pal Bhanoo
- Educational Background: Holds a Bachelor's Degree in History (Honors) from Himachal Pradesh University, Shimla.
- Experience:
- Joined LIC as a Special Batch Direct Recruit Officer in October 1988.
- Served in leadership roles, including Zonal Manager (Central Zone) and Regional Manager (P&IR), North Zone (Delhi).
- Formerly led LIC's Bangalore and Shimla divisions, driving consistent business growth.
- Served as Chief (Marketing-SBA), focusing on marketing strategies and business expansion.
Board Positions & Industry Influence
- Current Board Memberships:
- Mahindra & Mahindra Limited.
- LIC of Bangladesh Limited.
- Trustee, LIC Golden Jubilee Foundation.
- Industry Engagement: Member of the Governing Body of the National Insurance Academy and Insurance Institute of India.
