M.K. Jain led a successful transformation of South-based Indian Bank. He is now heading the much bigger IDBI Bank with multiple challenges.
Around two and a half years ago, 56-year-old Mahesh Kumar Jain, then executive director of Indian Bank, found himself all alone at the helm as two of his senior colleagues left the South-based bank. T.M. Bhasin, then managing director and Chief Executive Officer, demitted his post to take up the role of Vigilance Commissioner in Central Vigilance Commission while Executive Director B. Raj Kumar was superannuated. Jain had to run the show all by himself for nearly six months (he was elevated to the post of MD and CEO in November 2015). During his stint, he effected a turnaround and created a strong institutional set-up to implement HR reforms and digitisation. Jain’s success at Indian Bank catapulted the highly regarded but little-known executive into the limelight, turning him into a much sought-after CEO in public sector banking space. So, it is not surprising that he currently holds an equally challenging role at IDBI Bank. He has also been named the Best CEO in the PSU (BFSI) category in the Business Today Best CEO Study 2017.
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