Vaidyanathan gifted shares valued Rs 20 crore to drivers, maids, present, as well as former colleagues and family members. He also gave shares worth over Rs 40 crore to Rukmini Foundation.
V Vaidyanathan is a well-known name in the Indian banking sector. He is the managing director and chief executive officer (CEO) of IDFC First Bank, formed after the merger of IDFC Bank and Capital First. Known for his genius mind and philanthropic activities, Vaidyanathan tries to keep a low-profile. However he is once again trending on social media platforms for his generous gifts. As per company’s regulatory filing, Vaidyanathan gifted 700000 equity shares of IDFC First Bank worth over Rs 5 crore to 5 people who are not related to him. As revealed by the bank, “the recipients are not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations. These transactions are without consideration.” It is worth noting that this isn’t the first time Vaidyanathan surprised everyone with his generous donations. In late 2018, Vaidyanathan gifted shares valued Rs 20 crore to drivers, maids, present, as well as former colleagues and family members. He also gave shares worth over Rs 40 crore to Rukmini Foundation.
Born in Chennai. Vaidyanathan studied at Kendriya Vidyalaya Sangathan's Pathankot school. Subsequently, he chose to enroll in the National Defence Academy and took the Pilot Aptitude Test. He also participated in the Services Selection Board interview, however he was disqualified in his medical examination due to an eye-related problem.
After his schooling, he enrolled in the Birla Institute of Technology, Mesra. When he had to appear for an interview at the college, he ran out of money to buy train tickets. At that time, his teacher lent him Rs 500. Vaidyanathan later found his teacher in Agra and gifted him shares worth over Rs 30 lakh. Vaidyanathan also attended the Advanced Management Program at Harvard Business School.
Vaidyanathan worked with Citibank Consumer Banking from 1990-2000, then set up ICICI Group's retail banking from 2000-2009 since its inception, built ICICI Bank's branch network to 1411 branches and 28 million customers. He was appointed to the Board of ICICI Bank in 2006 at age 38. In 2009, he became the MD and CEO of ICICI Prudential Life Insurance Company in India.
Vaidyanathan acquired a stake in an existing listed non-bank financial institution and guided it through a transformation into Capital First, ultimately merging it with IDFC Bank to form IDFC First Bank in 2018.
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