IDFC First Bank's Madhivanan Balakrishnan Quits As Executive Director

Madhivanan Balakrishnan oversaw credit cards and operations at IDFC First Bank.

<div class="paragraphs"><p>An IDFC First Bank branch. (Source: BQ Prime)</p></div>
An IDFC First Bank branch. (Source: BQ Prime)

IDFC First Bank Ltd.'s Madhivanan Balakrishnan has resigned as executive director effective Dec. 6, after a four-year stint.

The board accepted his resignation and relieved him from his duties with immediate effect, the private lender said in an exchange filing on Wednesday. Balakrishnan will continue to work for necessary handovers until Dec. 15.

The bank will evaluate a suitable internal candidate to be appointed as the whole-time director (executive director) of the bank in terms of the statutory and regulatory requirements, the filing said.

In his resignation letter, Balakrishnan, who oversaw credit cards and operations at IDFC First Bank, said he will be pursuing an opportunity in the healthcare sector, "which fits in with our long-term family plans.".

He suggested the credit card portfolio can "fit easily" with the head of retail banking, while operations can be handled seamlessly by the operations and technology head.

"The process will be smooth. I am also available for the handover as long as required," he said in the letter.

IDFC First Bank also said it will undergo changes in its senior management personnel, under which nine officials will cease to be SMPs with immediate effect.

Shares of the Mumbai-headquartered bank closed 1.24% higher at Rs 90.42 apiece on Wednesday ahead of the announcement, compared to a 0.52% advance in the BSE Sensex.

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