The panel, consisting of top managers from the lender and the insurer, will chart out the future roadmap for both, the bank as also for associate companies,
The major areas of synergy identified for the immediate short term pertain to selling of LIC policies, and management of cash and other premium receipts of the insurer through IDBI Bank branches.
The bank has approved LIC as a corporate agent under bancassurance.
The long-term strategy embraces common investments, use of real estate resources such as commercial and residential space and bank branches, and rationalisation of common subsidiaries in mutual funds, Life Insurance etc.
Additionally, a working group has been created at an operational level to carry forward the initiatives identified for synergy and to effectively implement the decisions, bank said.
IDBI Bank has already started the process of appointing two new deputy managing directors, which will be through open competition from the market.
In the recent past, three new members have been appointed to board, two of whom are independent directors.
Hemant Bharghava, chairman of Life Insurance Corporation of India, is non-executive chairman of the bank. Deepak Singhal, former executive director with the Reserve Bank of India, joined as an Additional Director in the independent category with effect from February 28.
Another independent director, Sanjay Gokuldas Kallapur, came on board on March 05. He is Deputy Dean at the Indian School of Business (ISB).