The Reserve Bank of India (RBI) has approved the reappointment of V. Vaidyanathan as Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank, effective from December 19, 2024.

The bank announced in an exchange filing that the RBI, through a communication dated September 19, 2024, has granted approval for Vaidyanathan’s reappointment for a three-year term, running from December 19, 2024, to December 18, 2027.

IDFC First Bank’s board of directors had initially approved the reappointment on April 27, 2024, ahead of the expiration of Vaidyanathan’s current term on December 18, 2024.

Vaidyanathan has served as MD and CEO since December 2018, following the merger of Capital First and IDFC Bank. Prior to this role, he held various leadership positions, including a stint at Citibank (1990-2000), the establishment of ICICI Bank’s Retail Banking division, and serving as MD and CEO of ICICI Prudential Life Insurance in 2009.