FSIB selects IFCI MD Manoj Mittal as SIDBI head, Sanjay Shukla for NHB MD

FSIB, the headhunter for directors of state-owned banks and financial institutions, has recommended the name of IFCI Managing Director Manoj Mittal as SIDBI Chairman and Managing Director.

Besides, FSIB has suggested name to Sanjay Shukla as Managing Director of National Housing Bank (NHB).

The Financial Services Institutions Bureau (FSIB) interviewed 21 candidates on April 9 and April 10, the Bureau said in a statement.

"Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommended Manoj Mittal for the position of CMD in SIDBI," it said.

Mittal will replace S Ramann as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI).

Ramann, a 1991 batch of Indian Audit & Accounts Service (IA & AS), joined SIDBI for a 3-year tenure in April, 2021.

Mittal earlier worked as a Deputy Managing Director at SIDBI from 2016-2021. He was closely involved in the development of SIDBI Vision 2.0 and its successful implementation to emerge as a financially stronger impact institution.

SIDBI set up in April 1990, under an Act of Parliament, acts as the principal financial institution for promotion, financing and development of the Micro, Small and Medium Enterprise (MSME) sector, as well as for coordination of functions of institutions engaged in similar activities.

In a separate statement, FSIB said Shukla was selected for the position of NHB after interviewing 16 eligible contenders over a period of two days.

He is currently working in Centrum Housing Finance. He has earlier worked in various private sector organisations including LIC Housing Finance.

NHB, created in 1988, is engaged in promoting a sound, healthy, viable and cost effective housing finance system to cater to all segments of the population and to integrate the housing finance system with the overall financial system. It supervises the housing finance sector.

The final decision on the FSIB recommendation for both the positions would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

FSIB is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.

Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI's ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.