M Damodaran, chairman and managing director of UTI Asset Management Company, and administrator of UTI's specified undertaking, on Wednesday assumed the office of the CMD of Industrial Development Bank of India as a temporary measure.

P P Vora, the erstwhile IDBI CMD, retired on Tuesday, an IDBI release said in Mumbai on Wednesday.

Damodaran, an IAS officer, would continue in this capacity as part of an interim arrangement until further orders, it said.

The ministry of finance had issued a notification to this effect on September 27.