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AIBOA has questioned the appointments of several former government officials and public-sector financial institution executives to positions in companies associated with the Fairfax Group.
According to the chronology, most of the appointments listed were made before the proposed IDBI Bank sale was announced on October 14, 2026.
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AIBOA has shared a list of individuals, their previous public-sector positions and their reported positions in Fairfax Group-related companies.
List of Appointments
| S. No. | Date | Name | Previous Position | Position in Fairfax Group/Associated Company |
|---|---|---|---|---|
| 1 | 07.10.2022 | Not mentioned | Not mentioned | DIPAM initiated the process |
| 2 | 11.05.2023 | Mr. Jason Kenney | Former Canadian Federal Minister | Independent Director, Fairfax India |
| 3 | 14.12.2023 | Ms. Renu Kohli | Economist who worked with RBI and IMF | Independent Director, CSB Bank |
| 4 | 15.03.2024 | Mr. B.K. Divakara | Executive Director, Central Bank of India | Executive Director, CSB Bank |
| 5 | 12.06.2024 | Mr. Deepak Maheswari | Held senior positions at SBI | Independent Director, CSB Bank |
| 6 | 13.12.2024 | Mr. D.N. Narasimha Raju | IAS officer and Additional Chief Secretary, Karnataka | Independent Director and Bangalore Interna… |
| 7 | 16.04.2025 | Mr. Biswamohan Mahapatra | Executive Director, RBI | Director, CSB Bank |
| 8 | 09.05.2025 | Mr. Biswamohan Mahapatra | Executive Director, RBI | Part-time Chairman, CSB Bank |
| 9 | 16.06.2025 | Mr. B.P. Kanungo | Former Deputy Governor, RBI | Independent Director, IIFL |
| 10 | 26.06.2025 | Mr. Amitabh Kant | CEO, NITI Aayog (2016–22) and G20 Sherpa | Senior Advisor, Fairfax Financial Holdings |
| 11 | 01.11.2025 | Mr. Giridhar Aramane | Defence Secretary (2022–24) and Executive Director, IRDAI | Independent Director, Go Digit General Insurance |
| 12 | 19.12.2025 | Mr. G. Mahalingam | Executive Director, RBI; Whole-Time Member, SEBI; Sitting Director in LIC | Independent Director, Thomas Cook India |
| 13 | 19.12.2025 | Mr. B.P. Kanungo | Former Deputy Governor, RBI | Chairperson, IIFL Finance |
| 14 | 28.06.2026 | Mr. G. Mahalingam | Not specified | LIC directorship came to an end |
| 15 | 14.10.2026 | Not mentioned | Not mentioned | Government made the proposed sale of IDBI Bank |
Other Appointments Highlighted by the Association
AIBOA also listed three individuals who were already associated with companies connected to the Fairfax Group when the proposed IDBI Bank sale process was initiated.
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| S. No. | Name | Previous Position | Position in Fairfax Group/Associated Company |
|---|---|---|---|
| 1 | Mr. S.B. Mathur | Chairman, LIC (2002–04) | Independent Director, Thomas Cook India (2015–2025) |
| 2 | Mr. Mahender Kumar Garg | Former CMD, United India Insurance | Independent Director, Go Digit; also associated with Quess and Thomas Cook |
| 3 | Mr. Pradip Chaudhary | Former Chairman, SBI | Independent Director, Quess Corp (2015–2020) |
Also Read: RBI has constituted Technical Consultative Committee for Financial Markets (TCCFM)
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