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IFCI's Manoj Mittal Recommended To Be Next CMD Of SIDBI

Updated: Apr 11, 2024 01:21:43pm

IFCI's Manoj Mittal Recommended To Be Next CMD Of SIDBI

New Delhi, Apr 11 (KNN) The central government on Wednesday revealed that Manoj Mittal, the current Managing Director and CEO of IFCI, has been recommended to take over as the next Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI).

Mittal's candidacy was recommended by the Financial Services Institutions Bureau (FSIB) after evaluating over 21 candidates in interviews conducted on April 9th and 10th.

The bureau cited Mittal's strong performance, comprehensive experience, and fit with the existing selection criteria as key factors behind their recommendation.

If approved, this leadership transition would bring Mittal back to SIDBI, where he previously served as Deputy Managing Director fr0m 2016 to 2021. During that tenure, he played an instrumental role in developing and implementing SIDBI Vision 2.0 - a strategic plan that helped strengthen the institution's financial position and amplify its developmental impact.

Mittal has also garnered extensive experience in sustainable finance and developmental banking. He took the lead in restructuring bank dues to microfinance institutions (MFIs) during the 2010 Andhra Pradesh microfinance crisis and drove responsible lending reforms.

Furthermore, Mittal oversaw the design, management and evaluation of various government-funded sustainability programs backed by multilateral agencies.

With his diverse skill set and prior SIDBI leadership experience, Mittal is positioned as a strong candidate to potentially steer the institution into its next phase as a catalyst for small business growth and innovation across India.

(KNN Bureau)


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