V Vaidyanathan served on the board of ICICI Bank in the past.
V Vaidyanathan, the Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank, is being lauded for gifting equity shares held by him, worth Rs 4.83 crore, to help his staff members build their homes. The unusual gesture of philanthropy is meant for his driver, trainer, and helpers at home and office.
Mr Vaidyanathan gave 900,000 shares (or 3.7 per cent) of his holding in the private sector lender, according to an exchange filing. The move is being appreciated on social media.
According to the bank's website, he is the first MD and CEO of the IDFC First, which was founded by the merger of Capital First and IDFC Bank in December 2018. He was re-appointed for another term which will end in 2024.
He worked in Citibank from 1999 to 2000, then moved to ICICI Bank (where he worked till 2009), and then as an entrepreneur for the next nine years (with Capital First).
Mr Vaidyanathan also helped ICICI Group's retail banking since its inception and expanded the bank's branch network.
He also served on the board of ICICI Bank and became the MD and CEO of ICICI Prudential Life Insurance Company in India.
Mr Vaidyanathan is an alumnus of Birla Institute of Technology and Harvard Business School, according to IDFC First Bank's website.
The 54-year-old is known for his philanthropic gestures, and has gifted roughly 38 per cent of his stake in IDFC First since January 2018.
In 2020, he gave a gift to his mathematics teacher who had lent Mr Vaidyanathan Rs 500 when he was a broke student.
Last month, the IDFC First Bank reported a significant 117 per cent year-on-year jump in its net profit to Rs 281 crore for the quarter ended December 31, 2021.
Speaking to reporters after the bank's quarterly results were announced, Mr Vaidyanathan said that the business conditions in the country are normalising in the wake or coronavirus pandemic. He added that IDFC First's home loan business has grown by 44 per cent year-on-year.