V. Vaidyanathan (born 2 January 1968) is an Indian banker who is the Managing Director and Chief Executive Officer (CEO) of IDFC First Bank,[2] formed after the merger of IDFC Bank and Capital First. Prior to assuming this role, he held the position of Chief Executive Officer at ICICI Prudential Life Insurance and was a member of the Board of Governors at ICICI Bank since 2006.[3]
After a decade-long stint at ICICI, 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.[4][5]
In 2022, he was awarded the Ernst & Young Entrepreneur of the Year Award.[6]
Vaidyanathan was born in Chennai. As a child, he studied at Kendriya Vidyalaya Sangathan's Pathankot school.[5] Subsequently, he chose to enroll in the National Defence Academy and took the Pilot Aptitude Test. As a result, he participated in the Services Selection Board interview, but his medical examination revealed his disqualification due to an eye-related problem.[7]
Vaidyanathan enrolled in the Birla Institute of Technology, Mesra,[8] but ran out of money to buy train tickets. His mathematics teacher then lent him 500 rupees to take a train to help him appear for an interview at Birla Institute of Technology, Mesra.[5] Vaidyanathan searched for him for over 30 years but could not find him. Later, ICICI staff skip-traced his teacher in Agra[9] and Vaidyanathan gifted him one lakh equity shares, amounting to ₹30 lakh (US$38,000) at the time of transfer.[10]
Later, he attended the Advanced Management Program at Harvard Business School.[11]
Vaidyanathan began his career at Citibank, and worked there from 1990 to 2000 in consumer banking. During 1999-2000, he transitioned to ICICI to lead their retail lending operations as they expanded beyond project lending. His responsibilities involved setting up the businesses, including all key functions related to strategy, team building, business relationships, credit policy, credit administration and risk management.[12][13]
He joined ICICI when it was a Domestic Financial Institution (DFI) known for project financing, and helped the transition of ICICI from a DFI to a universal bank. He was appointed MD and CEO of ICICI Personal Financial Services (PFS) Limited at 32. In 2002, ICICI Limited merged with its subsidiary ICICI Bank and with ICICI PFS Limited. Post-merger, he became the Head of Retail Banking in charge of both Lending and Retail Liabilities in the merged entity, ICICI Bank Limited. He also built the ICICI Bank's SME business in 2003, and managed the Rural Banking Business after 2007.[14]
He was appointed executive director on the board of ICICI Bank at the age of 38 and became the MD and CEO of ICICI Prudential Life Insurance at 41.[15] He was also the chairman of ICICI Home Finance Co. Ltd, and served on the Board of ICICI Lombard General Insurance Company, CIBIL - India's first Credit Bureau, and SMERA- SIDBI's Credit Rating Agency.[16]
In 2012, he acquired a stake in an existing NBFC, secured an equity backing of Rs. 8.10 billion from Warburg Pincus and thus founded Capital First Ltd.[17][18][19][20]
On 13 January 2018, IDFC Bank and Capital First announced a merger. IDFC Bank issued 139 shares for every 10 shares of Capital First, and Vaidyanathan took over as the MD and CEO of the combined bank.[21][22] Effectively Vaidyanathan successfully secured a banking license for Capital First through the merger and assumed control of the bank's management.[23]
In September 2023, Vaidyanathan sold 5.07 crore shares of IDFC First Bank for ₹478.7 crore (US$60 million) to US-based GQG Partners through a block trade transaction.[24][25] From the revenue generated, ₹229 crore (US$29 million) was allocated for the subscription of new shares in IDFC First Bank, ₹240.5 crore (US$30 million) designated for personal income tax settlement, and ₹9.2 crore (US$1.2 million) directed towards supporting pre-established charitable causes[26] such as support for the National Association of Blind to empower and rehabilitate visually impaired individuals, contributions to the Birla Institute of Technology Scholarship Program, and assistance to the Rukmini Trust.[27]
In January 2018, he announced that he had donated half a million shares of Capital First, valued ₹40 crore (US$5.0 million), to Rukmini Foundation which is a social welfare trust to support activities providing education and healthcare support for economically underprivileged children. Some of the initial beneficiaries of the trust are Genesis Foundation which works on the healthcare of children, Samparc who works on the rehabilitation and education of children, and Apnalaya which works in the area of education of slum children in Mumbai.[28]
In November 2018, Vaidyanathan gifted 4.29 lakh shares, valued ₹20 crore (US$2.5 million), to drivers, maids, present, as well as former colleagues and family members.[29][30][31] V Vaidyanathan has gifted ₹68 crore (US$8.5 million) of his wealth.[5]
He was born into a family of four siblings. His siblings joined the Indian Air Force and the Indian Army like their father. Vaidyanathan, on the other hand, was the first to join the private sector.[32]
Vaidyanathan is an active marathoner. He ran 8 marathons and 22 half marathons. In his spare time, he plays guitar.[7]
He lives in Mumbai with his family, consisting of his father, wife, and three children.[13][33][34]
In February 2022, Vaidyanathan gifted shares worth ₹4 crore (US$500,000) to five of IDFC First's employees, including help and a driver. In May 2021, he gave away 4.3 lakh shares, worth over ₹2.4 crore (US$300,000) to three persons from IDFC First Bank to help them buy a house.[35]
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