IDFC FIRST Bank’s ED Madhivanan Balakrishnan steps down

The Executive Director (ED) and key managerial personnel of IDFC FIRST Bank, Madhivanan Balakrishnan has tendered his resignation on December 6, the bank announced in its press statement.

“The Nomination & Remuneration Committee and the Board of Directors of the Bank at their respective meetings held today have accepted the said resignation (tendered on December 06, 2023) and shall relieve him from his duties in the capacity of Executive Director with immediate effect from the close of business hours on December 06, 2023. He continues to serve the Bank for necessary handovers until December 15, 2023,” the bank said in a regulatory filing.

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In his resignation letter, Madhivanan said: “I have come across an opportunity in the Healthcare sector which fits in with our long-term family plans. This is because my daughter has recently qualified as a doctor and she intends to pursue entrepreneurship in healthcare.”