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Friday, December 9, 2022

IDFC FIRST Bank MD V Vaidyanathan helps his driver, support staff buy homes with Rs.3.95 cr in bank shares

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V Vaidyanathan has made a wonderfully kind gesture towards his driver and other support staff. The Managing Director (MD) of IDFC First Bank has gifted shares of the bank’s stock to these staff to help them buy homes.

Vaidyanathan, the CEO of IDFC First Bank gave his trainer, housekeeper, and driver, as well as two other persons, shares of the bank’s stock. V Vaidyanathan, who also serves as Managing Director (MD) of IDFC First Bank gave the aforementioned 5 people 9 lakh shares worth over 3.95 crores to assist them in purchasing homes. The five people to whom the Bank MD gave the shares are unrelated to the top officials of the public sector bank.

According to rumours, he had already handed several individuals shares in his personal capacity in order to assist them. V Vaidyanathan gifted 9,00,000 equity shares of IDFC First bank held by him on February 21, 2022, according to a regulatory filing made by the bank on Monday.

IDFC First Bank MD & CEO V Vaidyanathan is one of the trustees of the Rukmani Social Welfare Trust, which has sold 2 lakh equity shares for charitable purposes.

The bank emphasised in a statement that the MD & CEO receives no direct or indirect benefits from these 11 lakh equity shares worth more than 3 crores in philanthropic transactions.

According to IDFC FIRST Bank, “total stock disposed of for gifts and social activities is 11 lakh equity shares of the bank,” and “it is submitted as part of these declarations that V Vaidyanathan did not receive any advantage from these transactions.”

Vaidyanathan was the MD and CEO of ICICI Prudential Life Insurance before joining IDFC in 2018. He was also a member of the ICICI Bank Board of Directors. V Vaidyanathan was named “CEO of the Year” by Business world in 2018 and “Entrepreneur of the Year” by Asia Pacific Enterprise Awards in 2017 (APEA).

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