The Board of Directors of IDFC Bank today announced the appointment of Mr Anand Sinha, Former Deputy Governor of the Reserve Bank of India, as an Additional Director in the category of Independent Director with effect from August 1, 2016.
Mr Vinod Rai, who served as nominee director representing IDFC Ltd on the board of IDFC Bank since July 27, 2015, has resigned from the Board of IDFC Bank Ltd, with effect from July 31, 2016. Mr Rai was appointed as the Chairman of the Banks Board Bureau. Hence to avoid any potential conflict of interest, he has resigned as a Director of IDFC Bank.
Mr Sinha joined the Reserve Bank of India in July 1976 and rose to become Deputy Governor in January 2011. He was Adviser in RBI up to April 2014 after demitting the office of Deputy Governor in RBI on 18th January 2014. As Deputy Governor, he was in-charge of regulation of commercial banks, Non-Banking Financial Companies, Urban Cooperative Banks and Information Technology, among others. He has been closely associated with the banking sector reforms in India. He has represented the Reserve Bank of India in various Committees/Groups of BIS such as Basel Committee on Banking Supervision (BCBS), Policy Development Group (PDG), Macro Prudential Supervision Group (MPG), Macro Variable Task Force (MVTF) and Committee on Global Financial Systems (CGFS). He represented India on the G20 Working Group on Enhancing Sound Regulation & Strengthening Transparency. He was the Chairman, Governing Council of the Institute for Development and Research in Banking Technology (IDRBT), a research and development institution on financial sector technology, set up by the Reserve Bank of India. He was also a member on the Board of the Securities and Exchange Board of India (SEBI).
Mr. Sinha was RBI’s nominee director on the boards of Dena Bank, Allahabad Bank, Bank of Baroda, Indian Overseas Bank, Deposit Insurance and Credit Guarantee Corporation, and Export Credit and Guarantee Corporation at different phases of his career.
Mr. Sinha holds Master’s Degree in Physics from the Indian Institute of Technology (IIT), New Delhi.
About IDFC Bank
IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders. www.idfcbank.com or Twitter, Facebook and LinkedIn