RBI Approves V. Vaidyanathan's Reappointment as IDFC FIRST Bank CEO for 3 Years

20 Sep 2024 , 04:11 PM

IDFC FIRST Bank has received approval from the Reserve Bank of India (RBI) to reappoint V. Vaidyanathan as Managing Director and CEO. Vaidyanathan’s new term will begin on December 19, 2024, and will last until December 18, 2027.

The reappointment highlights the bank’s confidence in Vaidyanathan’s leadership, crucial for its transformation and growth.

Vaidyanathan has played a key role in reshaping IDFC FIRST Bank since the 2018 merger of IDFC Bank and Capital First. His leadership has focused on expanding the retail loan book, reducing bad loans, and enhancing customer-centric services.

Vaidyanathan has driven efforts to diversify the bank’s portfolio and improve digital banking services, strengthening overall financial performance.

As of June 2024, IDFC FIRST Bank’s total deposits stood at ₹2.09 trillion, a 36% year-on-year (Y-o-Y) increase. The bank’s total advances also grew 22% Y-o-Y to ₹2.09 trillion during the same period.

Known for its infrastructure financing origins, the bank now boasts a strong retail segment, largely due to Vaidyanathan’s vision. His reappointment ensures continued stability and strategic growth for IDFC FIRST Bank as it aims to strengthen its market position.