L V Prabhakar Appointed to IBBI | India News

New Delhi, Feb 3 (PTI) The government has notified the appointment of L V Prabhakar, former managing director and chief executive officer of Canara Bank, as a part-time member of the Insolvency and Bankruptcy Board of India (IBBI).

According to a notification issued by the corporate affairs ministry, Prabhakar has been appointed with effect from January 27, 2025, for a term of five years or until he attains the age of 65 years, or until further orders, whichever is earlier.

"...the Central Government hereby appoints L V Prabhakar, former Managing Director & Chief Executive Officer, Canara Bank as part-time member in the Insolvency and Bankruptcy Board of India with effect from 27th January, 2025 for a period of five years or till he attains age of sixty-five years or until further orders, whichever is the earliest," the ministry said on January 31.

Prabhakar, a seasoned banker, has over three decades of experience in the financial sector. He served as the MD & CEO of Canara Bank from February 2020 to December 2022 and has played a significant role in strengthening the public sector lender's operations.

The IBBI is a statutory body functioning under the corporate affairs ministry. It is a key institution in implementing the Insolvency and Bankruptcy Code (IBC).