SBI's MD Sriram takes voluntary retirement

Mumbai, June 30 : Lending major State Bank of India (SBI) on Saturday said that the central government has permitted its Managing Director B.Sriram to take voluntary retirement.

The development assumes significance as Sriram was recently appointed the chief of financially troubled IDBI Bank.

According to a BSE filing, SBI said that the central Government granted permission to Sriram for voluntary retirement on June 29 with immediate effect.

Sriram was recently appointed as the Managing Director and Chief Executive Officer of state-owned IDBI Bank for a period of three months.