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.

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"...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.

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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).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)