RBI gives nod to Vinod Rai's appointment as Independent Chairman of Unity SFB

Former Comptroller and Auditor General (CAG) Vinod Rai's appointment as the Independent Chairman of Unity Small Finance Bank Ltd has been approved by the Reserve Bank of India (RBI), the private lender announced on January 20.

Rai, a former IAS officer, has served in multiple capacities with the ministries of finance, commerce, and defence, as well as with state governments. During his tenure as the CAG between 2008 and 2013, the top audit department issued stern reports which drew questions towards the government departments.

"A highly respected industry veteran, Mr. Rai will add significant value to the Board of Unity Bank. Moreover, his vast experience as a Board Member in several PSU and Private Banks will help in building a strong foundation and shaping the long term strategy at Unity Bank, for customer delight through a seamless digital banking experience," Unity SFB said.

Notably, Rai had also served as Chairman of Banks Board Bureau, the body which advises the Centre on top-level appointments at public sector banks and ways to address bad loans.