Madhivanan Balakrishnan appointed ED of IDFC FIRST Bank

Madhivanan Balakrishnan has been elevated as the Executive Director and Chief Operating Officer of IDFC First Bank following the RBI's approval, a statement said on Wednesday.

His elevation was recommended by the nomination and remuneration committee for a period of three years, IDFC FIRST Bank said in the statement.

Madhivanan has been a part of the bank since 2019 and is currently serving as the Chief Operating Officer.

IDFC FIRST Bank recorded a profit after tax of Rs 2,437 crore in 2022-23, with capital adequacy of 16.82 per cent.