NSE: IDFCFIRSTB
| Mr. V. Vaidyanathan (MD & CEO) | Vaidyanathan aspires to create “a world-class Bank, which offers high-quality affordable and ethical banking, for India”. He took over as the Managing Director and CEO of IDFC FIRST Bank in December 2018 after the merger of Capital First and IDFC Bank. He worked with Citibank from 1990-2000. He joined ICICI Bank in 2000 and set up its Retail Banking division. He became the MD and CEO of ICICI Prudential Life Insurance in 2009. Chasing an entrepreneurial opportunity, he left the ICICI group in 2010. He acquired about 10% equity in a small, listed, real-estate financing NBFC with a market cap of ₹ 780 crores ($140m, 2012) with an idea to convert it into a commercial Bank. |
| Dr. Jaimini Bhagwati (Non Executive Non Independent Director) | Dr. Jaimini Bhagwati is a former IFS officer, economist, and foreign policy expert. He received his PhD in Finance from Tufts University, USA. He did his Master’s in Physics from St Stephen’s College, Delhi, and a Master’s in Finance from the Massachusetts Institute of Technology, USA. He was the High Commissioner to the UK and Ambassador to the European Union, Belgium, and Luxembourg. Dr. Bhagwati has served in senior positions in the Government of India, including foreign affairs, finance, and atomic energy. In his earlier role at the World Bank, he was a specialist in international bond and derivatives markets and was the RBI chair professor at ICRIER. He is a Distinguished Fellow at a Delhi-based think‐tank called the Centre for Social and Economic Progress (CSEP). |
| Mr. Mahendra N. Shah (Non Executive Non Independent Director) | Mr. Mahendra N. Shah was the Group Company Secretary & Group Chief Compliance Officer of IDFC Bank Limited and has been the Group Head of governance, Compliance & Secretarial, and Senior Advisor of taxation at IDFC Limited for more than two decades. In this role, Mr. Shah was responsible for Secretarial, Governance, and Compliance functions for over 26 companies/entities of IDFC Group. Mr. Shah has been the Company Secretary & Compliance Officer of IDFC Limited since May 24, 2019, and currently has been the Managing Director of IDFC Limited with effect from August 24, 2022. Before joining IDFC in 2001, Mr. Shah worked with International Paper Limited for six years as Director of Finance and Company Secretary. He has worked as Head of Taxation at SKF Bearings India Limited. |
| Mr. Vishal Mahadeva (Non Executive Non Independent Director) | Mr. Vishal Mahadevia joined Warburg Pincus in 2006 and is the Managing Director, Head of India, and a member of the firm’s executive management group. Previously, he was a Principal at Greenbriar Equity Group, a fund focused on private equity investments in the transportation sector. Before that, Mr. Mahadevia worked at Three Cities Research, a New York-based PE fund, & as a consultant with McKinsey & Company. He received a B.S. in economics with a concentration in finance & B.S. in electrical engineering from the University of Pennsylvania. |
| Mr. Pradeep Natarajan (Executive Director) | He has been in a leadership position with IDFC FIRST Bank Limited for five years since December 2018 and is currently the Head of Retail Banking of the Bank. He is highly committed to the vision of the Bank to build a world-class Bank in India, guided by ethics, powered by technology, and to be a force for Social Good. He is a customer-focused and respected industry thought leader with broad expertise in Business Development, Technology, Risk Analytics, Debt Management, Project Management, Customer Service, and Marketing. |
| Name of the Director | Skillset, Special Knowledge or Practical Experience | Sitting Fees (In Rs.) | Remuneration (in Rs.) |
| Mr. V. Vaidyanathan | Banking, Finance, Business Management and Risk Management | – | 4,45,64,448 |
| Mr. Vishal Mahadevia | Economics and Finance | – | – |
| Dr. Jaimini Bhagwati | Economics, Finance and International Affairs | 9,25,000 | 18,00,000 |
| Mr. Ajay Sondhi | Banking, Finance, Business Management, Human Resources, Information Technology and Risk Management | 18,25,000 | 18,00,000 |
| Mr. S. Ganesh Kumar | Banking, Regulation and Supervision, Accounting, Information Technology, Payment & Settlement Systems, Risk Management, Business Continuity Management, Institution Setting-up and Law | 25,75,000 | 18,00,000 |
| Mr. Pravir Vohra | Information Technology, Banking, Economics and Payment & Settlement Systems | 26,50,000 | 18,00,000 |
| Mr. Hemang Raja | Finance and Management | 30,25,000 | 18,00,000 |
| Dr. (Mrs) Brinda Jagirdar | Banking and Economics including Agriculture Economics | 29,50,000 | 18,00,000 |
| Mr. Aashish Kamat | Accountancy, Auditing, Banking, Finance, Risk Management and Business Management | 19,75,000 | 18,00,000 |
| Mr. Sanjeeb Chaudhuri | Banking, Business Management, Rural Economics, Risk Management, Information Technology and Payment & Settlement Systems | 27,25,000 | 24,00,000 |
• Annual report shows an increase of 3% in the remuneration of the MD & CEO, a 14% increase in the remuneration of the CFO, and an 18% increase in the remuneration of the Head: Legal & Company Secretary.
• Average percentage increase inclusive of Key Managerial Personnel for the last financial year is 9.81%.
• Average percentage increase for all employees other than the Key Managerial Personnel for the last financial year is 9.76%.
• The average increase in the remuneration of employees compared to the increase in remuneration of Managerial Personnel is in line with the market benchmark study.