The Reserve Bank of India (RBI) has given its nod for the re-appointment of V Vaidyanathan as the Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank. According to the bank’s exchange filing on Thursday, the re-appointment is set to take effect from December 19, 2024, for a three-year term, running until December 18, 2027.
In a statement, the bank announced, “We wish to inform you that the RBI, vide its communication dated September 19, 2024, has granted its approval for the re-appointment of V Vaidyanathan as the MD and CEO of the bank for a period of three (3) years, effective from December 19, 2024, to December 18, 2027.”
The bank’s board had initially approved the re-appointment on April 27, 2024, before Vaidyanathan’s current term expires in December 2024. Vaidyanathan took over as MD and CEO of IDFC First Bank in December 2018, following the merger of IDFC Bank and Capital First.
A seasoned banking professional, Vaidyanathan brings with him extensive experience, having held key positions at Citibank and ICICI Bank. He is credited with setting up ICICI Bank’s Retail Banking division and later served as MD and CEO of ICICI Prudential Life Insurance.
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Under Vaidyanathan’s leadership, IDFC First Bank has undergone significant transformation. It has focused on retail lending, reduced non-performing assets, and enhanced customer-centric services. His efforts to diversify the bank’s portfolio and strengthen digital banking have been key to the bank’s improved financial performance.
As of June 2024, IDFC First Bank‘s total deposits reached ₹2.09 trillion, marking a 36% year-on-year growth. The bank’s total advances also grew by 22% year-on-year, reflecting the continued expansion under Vaidyanathan’s leadership.
