Damodaran quits UTI, to focus on IDBI

M. Damodaran who played a pivotal role in salvaging Unit Trust of India (UTI), has quit as the chairman and managing director of UTI Mutual ...

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M. Damodaran who played a pivotal role in salvaging Unit Trust of India (UTI), has quit as the chairman and managing director of UTI Mutual Fund and administrator of the Specified Undertaking of UTI (UTI-I) to concentrate his activities with IDBI.

Damodaran was looking after UTI MF, UTI-I and IDBI for almost a year now. He had recently quit as the chairman of NSE and IL&FS.

He handed over the charge to executive directors. Both UTI MF and UTI-I will get new chiefs shortly. UTI Mutual Fund with assets of over Rs 20,000 is still the largest mutual fund in the country.

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‘‘I have handed over charge as chairman and MD of UTI MF and Administrator of UTI-I to the senior most executive directors of the two organisations,’’ Damodaran said in Mumbai on Sunday.

Damodaran is expected to focus on IDBI now. The financial institution which was converted into a commercial bank recently is expected to merge with its IDBI Bank soon.

He was sent to UTI — which was a sinking after its involvement in the 2000 stock scam — by the government in 2001 with the specific mandate to turn around the institution. UTI was later bifurcated and all assured return schemes were brought under UTI-I.

Bankers are now watching his moves as the chairman of IDBI, the latest entrant in the commercial banking. After IDBI’s merger with IDBI Bank, bankers are now speculating about a possible merger with UTI Bank.