RBI approves reappointment of V. Vaidyanathan as MD and CEO of IDFC FIRST Bank

IDFC FIRST Bank has secured approval from the Reserve Bank of India (RBI) for the reappointment of V. Vaidyanathan as Managing Director and Chief Executive Officer. His new term will commence on 19th December 2024 and continue until 18th December 2027.

The reappointment demonstrates the bank's confidence in Vaidyanathan’s leadership, which has been crucial to its recent transformation and growth.

Vaidyanathan, an experienced figure in the banking industry, has played a key role in reshaping IDFC FIRST Bank since its establishment in 2018, following the merger of IDFC Bank and Capital First. Under his guidance, the bank has prioritized expanding its retail loan portfolio, reducing non-performing loans, and fostering a strong customer-centric approach.

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Known for his innovative leadership, Vaidyanathan has spearheaded efforts to expand the bank’s portfolio, improve digital banking services, and bolster its financial performance.

IDFC FIRST Bank, headquartered in Mumbai, has evolved into a full-service bank catering to retail, corporate, and SME clients. As of June end, its overall deposit stood at Rs 2.09 trillion, up 36 percent year-on-year (Y-o-Y), while total advances rose 22 percent Y-o-Y to Rs 2.09 trillion during the same period.

The reappointment reflects the bank's confidence in Vaidyanathan’s leadership, which has been pivotal to its transformation and growth in recent years.

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Vaidyanathan, a veteran in the banking industry, has been instrumental in reshaping IDFC FIRST Bank since its inception in 2018, following the merger of IDFC Bank and Capital First.

Under his leadership, the bank has focused on expanding its retail loan book, reducing bad loans, and fostering a strong customer-centric approach.

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