Shetty IDBI chairman, Khandelwal to head BoB

V P Shetty, chairman of Canara Bank, has been designated to take charge as chairman at the newly formed banking company IDBI.

A K Khandelwal, chairman of Dena Bank, has been appointed chairman and managing director at Bank of Baroda. Khandelwal's term will last till March 31, 2008, when he retires. He took charge on Tuesday.

As per the notification, Shetty will take up the new post from the date he assumes charge. He retires in June 2007 when he turns 60. IDBI chairman's post fell vacant when M Damodaran the former chief was appointed as the Securities and Exchange Board of India's chief earlier this month.

While Shetty has been at Canara Bank for just about 4 months Khandelwal was heading Dena Bank for about a year.

Shetty has been credited with the turnaround of Kolkata-based, Uco Bank and now will face the challenge of successfully converting former term lender IDBI into a commercial bank. He will also have at his hands the task of merger of IDBI Bank with IDBI with effect from April 1, 2005.

Khandelwal has for long been a Bank of Baroda man having spent over 3 decades in the bank. He joined the bank way back in 1971 as a probationary officer and reached the level of executive director when he was posted as head of Dena Bank.