Madhivanan Balakrishnan, the chief technology and digital officer at private sector lender ICICI Bank, has resigned and will join IDFC First Bank as chief operating officer, two people in the know of the matter said.Popularly known as ‘Madhi’ in banking circles, Balakrishnan joined ICICI Bank in 1999.
IDFC First Bank, formed after a merger of the recently licensed IDFC Bank and non-banking finance company Capital First, is expected to use Balakrishnan’s technology know-how to build a strong tech team. Balakrishnan’s appointment comes at a time when IDFC First is trying to revitalise itself under a new leadership.
“Balakrishnan was the main force driving fintech initiatives at ICICI Bank, and was the go-to person for all partnerships the bank would strike with technology startups,” said a senior banker in the know of the matter.
IDFC First and ICICI Bank did not respond to ET’s emailed queries till publication of this report.
IDFC First’s new chief executive officer, V Vaidyanathan, was earlier with ICICI Bank.
“Balakrishnan was close to Vaidyanathan during his days at ICICI Bank, having roped him to head operations at the newly formed entity and drive its technology initiatives,” said the other person quoted above.
Vaidyanathan founded Capital First and scaled it up to a large NBFC.
Separately, Nithin Chugh, who was previously chief digital officer at HDFC Bank, is set to join Ujjivan Small Finance Bank as its chief executive officer.